§4128. New Orleans, interest rate of bonds; form; execution; details of bonds; costs; peremption

Bonds issued under the authority of R.S. 33:4125 shall bear such rate or rates of interest as provided for in R.S. 39:1424 and R.S. 39:1424.1, shall be payable at such time or places on or before December 31, 2017, shall be in such form and denomination, shall be subject to such provisions of redemption, including redemption premiums, shall be executed and shall be subject to such other details as the Board of Liquidation, City Debt, shall determine by resolution adopted by affirmative vote of a majority of its members. The cost of preparing and selling said bonds shall be paid by the Board of Liquidation, City Debt. The resolution authorizing the issuance of bonds under the authority of R.S. 33:4125 shall be published one time in the official journal of the city of New Orleans. For a period of thirty days from the date of publication of such resolution, any person in interest shall have the right to contest the legality of the resolution and the legality of the bond issue for any cause, after which time no one shall have any cause or right of action to contest the legality of said resolution or of the bonds authorized thereby for any cause whatsoever. If no suit, action, or proceeding is begun contesting the validity of the bond issue within the thirty days herein prescribed, the authority to issue the bonds and to provide for the payment thereof, and the legality thereof and of all of the provisions of the resolution shall be conclusively presumed, and no court shall have authority to inquire into such matters.

Added by Acts 1976, No. 167, §1. Amended by Acts 1978, No. 418, §1; Acts 1985, No. 731, §1, eff. July 16, 1985.