§515. Lost, destroyed, or cancelled bonds

A. Whenever any bond is lost, destroyed, or improperly cancelled, the issuing governmental entity may, by resolution of its governing body, authorize the issuance of new bonds to replace them, upon proof of such loss, destruction, or cancellation satisfactory to the governmental entity and upon the giving to the governmental entity an indemnity bond in such amount as the governmental entity thereof may require. The new bond shall in all respects be identical with those lost, destroyed, or cancelled except that it shall bear on its face the following additional clause:

"This bond is issued to replace a lost, cancelled, or destroyed bond under the authority of R.S. 39:515."

B. Such new bond shall be signed by the same officers who signed the original bond, provided, however, that in the event the officers who signed the original bonds are no longer in office, then the new bond shall be signed by the officers then in office.

C. If the original bond was registered in the office of the secretary of state, and bore a certificate evidencing such registration signed by the secretary of state, then the new bond shall not be required to be registered in the office of the secretary of state.

D. The obligation of the governmental entity upon the new bond shall be identical with its obligation upon the original bond, and the rights of the owner, including any statutory lien granted by this Part or the proceedings authorizing the original bond, shall be the same as those conferred by the original bond.

Acts 2018, No. 569, §1, eff. July 1, 2018.