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RS 38:431 - Authority to issue bonds; interest rate, etc.

LA Rev Stat § 38:431 (2018) (N/A)
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PART VII. BOND ISSUES

SUBPART A. BONDS IN LIEU OF THOSE

PREVIOUSLY AUTHORIZED

§431. Authority to issue bonds; interest rate, etc.

The boards of commissioners of the levee districts and levee and drainage districts of the state may issue bonds not to exceed the total amount of bonds which they have been heretofore authorized by law to issue in the sums and denominations which every board may in its own case prescribe but of not less than one hundred dollars each. The bonds shall be drawn payable to bearer and signed by the president of the board, and attested by the signature of the secretary and the seal of the board. The bonds shall become due in fifty years, and be payable at the option of the board in forty years from the date of their issue, and bear interest as provided in R.S. 39:1421 et seq. from date of their issue. The interest shall be evidenced by coupons attached to the bonds payable semiannually at the fiscal agency in New Orleans or the office of the state treasurer.

Acts 1985, No. 785, §1, eff. July 22, 1985.

{{NOTE: REGARDING R.S. 38:431-436, SEE ALSO R.S. 38:1117(A)(3) AS PER ACTS 1985, NO. 466, §2, WHICH MAY BE CONFLICTING.}}

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