RS 570.1 - Sale of bonds to encourage industrial enterprises; advertisement; no sale below par
Bonds issued for the encouragement of industrial enterprises shall be sold at public sale upon sealed bids after public advertisement. The notice calling for bids shall be published in the manner provided by Act No. 19 of the First Extraordinary Session of 1975, [R.S. 39:1421 to 39:1426], as the same now exists or may be hereafter amended. The notice also shall be published one time in either a newspaper of general circulation or a financial journal or newspaper containing a section devoted to municipal bond news published in either of the cities of New Orleans, Louisiana or New York, New York, and this publication shall be made at least seven days in advance of the date scheduled for the reception of bids for the securities. The bonds shall be sold to the highest bidder for not less than par, reserving the right to the governing authority to reject any and all bids. If the governing body rejects all bids, it may readvertise for new bids or negotiate publicly with the bidding groups, and may sell the bonds on terms more advantageous than the best bid submitted. If no bids are submitted, the governing body may sell the bonds on the best terms it can publicly negotiate, or may readvertise for new bids as provided herein.
NOTE: §570.1 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 570.1 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1975, No. 154, §1; Acts 2018, No. 569, §2, eff. July 1, 2018.