HLS 15RS-1324 ORIGINAL
2015 Regular Session
HOUSE BILL NO. 608
BY REPRESENTATIVE JACKSON
BONDS: Authorizes certain school districts to increase, with voter approval, their level of
indebtedness
1 AN ACT
2To enact R.S. 39:562(Q), relative to the limit of indebtedness of school districts; to authorize
3 an increase in bonded indebtedness in certain parishes, with voter approval; to
4 provide for an effective date; and to provide for related matters.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 39:562(Q) is hereby enacted to read as follows:
7 ยง562. Limit of indebtedness
8 * * *
9 Q. The governing authority of any parishwide school district and of special
10 school districts in any parish having a population of more than one hundred forty-
11 nine thousand persons and less than one hundred eighty-four thousand persons
12 according to the latest federal decennial census of record at the time such bonds are
13 issued, with the approval of a majority of the voters voting therein at an election held
14 for that purpose, may incur debt and issue bonds therefor for the purposes set out in
15 R.S. 39:554 which, including the existing bonded debt of such subdivision for such
16 purposes, may exceed ten percent but shall not exceed fifty percent of the assessed
17 valuation of the taxable property of such subdivision, including both:
18 (1) Homestead exempt property, which shall be included on the assessment
19 roll for the purposes of calculating debt limitation.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 15RS-1324 ORIGINAL
HB NO. 608
1 (2) Nonexempt property, as ascertained by the last assessment for the parish
2 for local purposes prior to delivery of the bonds representing such debt, regardless
3 of the date of the election at which said bonds were approved.
4 Section 2. This Act shall become effective upon signature by the governor or, if not
5signed by the governor, upon expiration of the time for bills to become law without signature
6by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
7vetoed by the governor and subsequently approved by the legislature, this Act shall become
8effective on the day following such approval.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 608 Original 2015 Regular Session Jackson
Abstract: Permits, with voter approval, certain school districts to incur bonded debt that
exceeds 10% but does not exceed 50% of the assessed valuation of the taxable
property within the geographic boundaries of the district.
Present law (R.S. 39:554) provides that the governing authorities of school districts may
incur debt and issue bonds of the districts for the following purposes and none other:
acquiring or improving lands for building sites and playgrounds, including construction of
necessary sidewalks and streets; purchasing, erecting and/or improving school buildings,
teachers' homes, and other school related facilities, and acquiring the necessary equipment
and furnishings therefor. Proposed law retains present law.
Relative to a limit on the indebtedness of local school boards, generally:
Present law (R.S. 39:562(B)) provides that no debt shall be incurred and general obligation
bonds issued therefor for any one of the purposes provided by present law which, including
the existing bonded debt (with specified exceptions) shall exceed in the aggregate 10% of
the assessed valuation of the taxable property within the school district, including both
homestead exempt property and certain nonexempt property.
Proposed law authorizes a school district in any parish having a population of between
149,000 to 184,000 persons at the time any bonds are issued, with the approval of a majority
of the voters, to incur debt and issue bonds for the purposes specified in R.S. 39:554 which
may exceed 10% but shall not exceed 50% of the assessed valuation of the taxable property
within the geographic boundaries of the school system, including each of the following:
(1)Homestead exempt property, which must be included on the assessment roll for the
purpose of calculating debt limitation.
(2)Nonexempt property, as ascertained for local purposes by the last assessment of
property within the geographic boundaries of the school system governed by the
board prior to the delivery of the bonds representing the debt, regardless of the date
of the election at which said bonds were approved.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 15RS-1324 ORIGINAL
HB NO. 608
Effective upon signature of governor or lapse of time for gubernatorial action.
(Adds R.S. 39:562(Q))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.