RS 571 - Bond sale prices; application of premium and accrued interest
A.(1) Bonds may be sold at the prices as provided in R.S. 39:1428 and the bidder for the bonds may stipulate in his bid that the proceeds of the bonds shall be deposited in a bank designated or to be designated by him to act as fiscal agent for the fund. Such stipulation shall be limited to the deposit of the bond proceeds and shall not extend to the taxes levied and collected to meet maturing bonds and coupons. The depository so designated must be a bank located in this state, which shall give security to the amount and in the manner required of fiscal agents and depositories of parishes, municipalities, and public boards under the laws of Louisiana. If any premium is received, any premium heretofore or hereafter received in connection with any bonds may be applied to either of the following:
(a) Any purpose for which the bonds are being issued and shall be deposited in the same account into which the bond proceeds are deposited.
(b) The payment of the principal or the interest on the bonds, and shall be deposited in the bank along with taxes levied and collected for that purpose.
(2) If any accrued interest is received, any interest received in connection with any bonds shall be applied to the payment of the principal or to the interest on the bonds, and shall be deposited in the bank along with taxes levied and collected for that purpose.
B. Notwithstanding the provisions of R.S. 39:551 to the contrary, the provisions of this Section shall apply to all municipalities.
NOTE: §571 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 571 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Amended by Acts 1982, No. 224, §1, eff. July 15, 1982; Acts 2016, No. 195, §1, eff. May 26, 2016; Acts 2018, No. 569, §2, eff. July 1, 2021.