Purposes, rules of construction

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RS 502 - Purposes, rules of construction

A. The purposes of this Part are to clarify, modernize, and make uniform the laws relating to the powers of parishes, municipalities, school boards, school districts, and other political subdivisions of the state to incur debt and to issue bonds and other evidences of indebtedness.

B. This Part shall be liberally construed so as to give effect to its intended purposes.

C. Except as provided in Subsection D of this Section, any parish, municipality, school board, school district, or other political subdivision of the state, acting through its governing authority, is authorized to employ the provisions of this Part, including the laws referenced in this Part relating to the issuance of bonds, as a complete and additional method for the issuance of bonds.

D. This Part shall not apply to nor be utilized by the city of New Orleans or its agencies, boards, authorities, and commissions, including the Sewerage and Water Board of New Orleans, except as specifically provided herein.

E. Bonds issued under any provision of Subpart B of this Part shall be entitled to the rights and benefits conferred generally by Subpart A of this Part.

F. The issuer, owner, or holder of any bond issued by any governmental entity prior to July 1, 2018, shall be subject to the provisions of prior law under which the bond was originally issued.

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


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