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RS 38:503 - Ordinances and resolutions to be adopted; redemption prior to maturity

LA Rev Stat § 38:503 (2018) (N/A)
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§503. Ordinances and resolutions to be adopted; redemption prior to maturity

A. The levee board or levee and drainage board shall, through their respective governing bodies before the issuance of bonds under this Subpart, and in contemplation of the issuance, in each case, pass and adopt an ordinance or resolution setting forth substantially the denomination, maturity, form, and phraseology of the bonds and interest coupons and specifically dedicating the proceeds of the special tax voted for that purpose to the payment of the bonds, both principal and interest, as they mature and levying the tax for the whole term or series of years for which it was voted. The fund shall not be diverted to any other purpose so long as any bond of the series shall be outstanding and unpaid.

B. Nothing in this Section shall prevent the levee board or levee and drainage board from stipulating in the bonds that they may be redeemed at any time prior to maturity at the option of the levee board or levee and drainage board.

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

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