RS 1094 - Bonds
NOTE: TEXT OF FIRST PARAGRAPH OF §1094 AS AMENDED BY ACTS 1968, NO. 269, §1:
The bonds of any authority shall be authorized by a resolution of the board thereof and shall be of such series, bear such date or dates, mature at such time or times not exceeding fifty years from their respective dates, bear interest at any such rate or rates not exceeding six per centum per annum, payable semi-annually, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration and exchangeability privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption not exceeding one hundred and five percent of the principal amount thereof, and be entitled to such priorities in the revenues or receipts of the authority as such resolution or resolutions may provide. The bonds shall be signed by such officers as the board shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signatures of such officer or officers of the authority as the board shall designate. Any such bonds may be issued and delivered notwithstanding that one or more of the officers signing such bonds or the officer or officers whose facsimile signature or signatures may be upon the coupons shall have ceased to be such officer or officers at the time such bonds shall actually have been delivered. Said bonds shall be sold to the highest bidder, at public sale, at not less than a price creating an interest cost for the money received for such bonds, figured to maturity of the bonds, of six per centum per annum, payable semi-annually, after advertisement at least once a week, for not less than thirty days, by said authority in New Orleans, Chicago, New York and such other places as said authority may determine, reserving to said authority the right to reject any and all bids. In the event the authority rejects all bids, it shall have the right to readvertise for new bids or to negotiate publicly with the bidding groups, and to sell the bonds on terms more advantageous than the best bid submitted.
NOTE: TEXT OF FIRST PARAGRAPH OF §1094 AS AMENDED BY ACTS 1968, NO. 290, §1:
The bonds of the authority shall be authorized by a resolution of the authority and shall be of such series, bear such date or dates, mature at such time or times not exceeding fifty years from their respective dates, bear interest at any such rate or rates not exceeding six per centum per annum, payable semi-annually, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration and exchangeability privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption not exceeding one hundred and five per cent of the principal amount thereof, and be entitled to such priorities in the revenues or receipts of the authority as such resolution or resolutions may provide. The bonds shall be signed by such officers as the authority shall determine, and coupon bonds shall have attached thereto1 officer or officers whose facsimile signature or signatures may be upon the coupons shall have ceased to be such officer or officers at the time such bonds shall actually have been delivered. Said bonds shall be sold to the highest bidder, at a public sale, at not more than a price creating an interest cost for the money received for such bonds, figured to maturity of the bonds, of six per centum per annum, payable semi-annually, after advertisement at least once a week, for not less than thirty days, by said authority in New Orleans, Chicago, New York and such other places as said authority may determine, reserving to said authority the right to reject any and all bids. In the event the authority rejects all bids, it shall have the right to readvertise for new bids or to negotiate publicly with the bidding groups, and to sell the bonds on terms more advantageous than the best bid submitted.
In the event that no bids are submitted, the authority shall have the right to sell the bonds on the best terms it can negotiate, or to readvertise for new bids as provided herein. Pending the preparation of definitive bonds, temporary bonds may be issued to the purchaser or purchasers thereof, which may contain such terms and conditions as the authority may determine.
Any resolution authorizing bonds may contain provisions which shall be part of the contract with the holders thereof, as to (1) pledging the full faith and credit of the authority (but not of the State of Louisiana or of any political subdivision thereof) for the payment of such obligations or restricting the same to all or any of the revenues of the authority from all or any of its properties, (2) the construction, improvement, operation, extension, enlargement, repair and maintenance of its properties and the duties of the authority with reference thereto, (3) the terms and provisions of the bonds, (4) limitations upon the purpose to which the proceeds of the bonds then or thereafter to be issued shall be devoted, (5) the rate of tolls, fares and other charges for use of the facilities of or for the services rendered by the authority, (6) the setting aside of reserves or sinking funds and the regulation and disposition thereof, (7) limitations on the issuance of additional bonds, (8) the terms and provisions of any deed of trust or indenture securing the bonds, or under which the same may be issued, and (9) any other or additional agreements with the holders of the bonds.
The authority may enter into any deeds of trust, indentures or other agreements with any bank or trust company or other person or persons in the United States having power to enter into the same, including any state or federal agency, as security for such bonds, and may assign and pledge all or any of the revenues or receipts of the authority thereunder; provided however, that the authority shall have no power to mortgage or to create any lien upon the properties operated or controlled by it. Such deed of trust, indenture or other agreement, may contain such provisions as may be customary in such instruments, or as the authority may authorize, including (but without limitation) provisions as to (1) construction, improvement, operation, maintenance and repair of any bridge or ferry and the duties of the authority with reference thereto, (2) the application of funds and the safeguarding of funds on hand or on deposit, (3) the rights and remedies of said trustee and of the holders of the bonds (which may include restrictions upon the individual right of action of such bondholders) and, (4) the terms and provisions of the bonds or the resolution authorizing the issuance thereof. No such deed of trust, indenture or other agreement need be filed or recorded except in the records of the authority.
The authority may provide by resolution for the issuance of refunding bonds of the authority for the purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this Part, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds and, in its discretion, for the additional purpose of constructing improvements, extensions or enlargements to any facility then operated by the authority or for the payment of all or any part of the cost of any new or other facilities, including bridges and ferries. The issuance of such bonds for any one or more such purposes, the maturities and other details thereof, the rights of the holders thereof and the rights, duties and obligations of the authority in respect thereof shall be governed by the provisions of this Part so far as the same may be applicable.
Acts 1958, No. 526, §4. Amended by Acts 1968, No. 269, §1; Acts 1968, No. 290, §1.
1As it appears in the enrolled bill. Apparently the following words of the prior law were inadvertently omitted from the 1968 amendment: "interest coupons bearing the facsimile signatures of such officer or officers as the authority shall designate. Any such bonds may be issued and delivered, notwithstanding that one or more of the officers signing such bonds or the"