Mortgages to secure own bonds ACTIVE

Any railroad corporation doing business, or owning property in Louisiana, may mortgage its property and franchises, whether then owned or to be acquired, in whole or in part, to secure bonds issued by it, to refund or pay its indebtedness, or to improve or develop its properties, or for any purpose authorized by its incorporation. The company issuing the bonds shall determine the amounts, the length of time to run, whether to be payable within or without this state, and the rate of interest, not to exceed the legal rate at the place of payment.