Limited tax bonds secured by special ad valorem taxes

A. Any governmental entity may anticipate the revenues to be realized from special ad valorem taxes that are authorized to be levied pursuant to provisions of the constitution and laws of Louisiana by borrowing money to be used only for the purpose for which such a tax may be levied. Such a borrowing shall be evidenced by limited tax bonds of the governmental entity, such limited tax bonds to be payable solely from and secured by an irrevocable pledge and dedication of the revenues of such tax. B. The principal and interest due in any year on limited tax bonds issued under this Section shall not exceed seventy-five percent of the revenues estimated to be realized from the levy of the tax so pledged for the calendar year in which such limited tax bonds are issued, regardless of the date on which the revenues are anticipated to be received. A governmental entity shall not anticipate such revenues for a period that exceeds the remaining number of years for which the special ad valorem or limited tax, as the case may be, is authorized to be levied. C. The principal of limited tax bonds issued under this Section shall be made due and payable annually not later than June first of each future year in which principal falls due.