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Under R.S. 39:1410.60 no public entity has the authority to borrow money, incur debt, or to issue bonds, or other evidences of debt, without the consent and approval of the State Bond Commission. The only exceptions are purchases made in the ordinary course of administration on terms of credit not exceeding ninety days, and lease of a movable or an installment purchase agreement financing the purchase of a movable if the lease or installment purchase agreement contains a nonappropriation clause, and does not contain an anti-substitution or penalty clause.
Financing insurance policy premiums over a 14 month period appears to be incurring debt requiring State Bond Commission approval.
Louisiana Legislative Auditor website: 05/01/2025 12:14:03 AM
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