Subject to having received a loan commitment from the United States of America, Department of Agriculture, Farmers' Home Administration, any parishwide school district or special school district in the parishes of Beauregard, DeSoto, Sabine, or Vernon may incur debt and issue bonds of said school district for the purposes set out in R.S. 39:554 which, including the existing bonded debt of said school district for such purposes, shall not exceed fifty percent of the total assessed valuation of all property in said school district, including both homestead exempt property and nonexempt property, to be ascertained by the last assessment for said school district previous to delivery of the bonds representing such debt, regardless of the date of the election at which said bonds shall have been voted.
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