The board of governors:
The acts of security shall stipulate that in case of default in payment of any debt secured thereby or any part of a debt, the property securing the debt shall be subject to seizure and sale, with benefit of appraisement, in the same manner as private property subject to encumbrance may be seized and sold, notwithstanding that title of the property securing the debt is vested in the public. No security shall be granted unless approved by the governing authorities of the parishes composing the multiparish juvenile detention district by ordinance or resolution fixing the maximum of the debt to be secured. Neither the board of governors, the governing authorities of the parishes within the multiparish juvenile detention district, nor the multiparish juvenile detention home shall ever be obligated beyond the value of the property offered as security.
La. R.S. § 46:1935