§ 2-4. Subdivisions of parish government; procedure for loans or lease-purchase agreements.

(a)

All subdivisions of parish government shall follow the following procedure when seeking authority from the Tangipahoa Parish Council to enter into a loan or lease-purchase agreement requiring said approval:

(1)

The parish council must be notified of the request to enter in to a loan or lease-purchase agreement which requires its approval at least 30 days prior to the parish council taking action on the request.

(2)

The notice sent to the parish council must clearly state the purpose for which the loan is being made or the lease-purchase is being entered into.

(3)

The notice must clearly set forth the exact amount of money to be borrowed and the terms of the loan, including the interest rate to be paid, or in the case of a lease-purchase agreement, the amount of money to be paid and the terms of the agreement.

(4)

The notice must include a certification from the subdivision of parish government's board or commission that the board or commission has examined the financial condition of the said subdivision and there is sufficient income to re-pay the debt.

(b)

In the case of extreme public emergency and for good cause shown the 30-day advance notification can be waived by a favorable vote of the two-thirds of the membership of the Tangipahoa Parish Council. The waiver of the time period does not waive the requirements of the submission of a proper notice and all other requirements herein must be strictly adhered to.

(Ord. No. 94-18, 6-27-94)