RS 615 - Issuing refunding bonds
If the vote is in favor of the issuance of refunding bonds, the governing authority shall authorize their issuance by resolution, and the refunding bonds shall be of as many series as there are outstanding issues of bonds and shall be designated "Liquidation Bonds". Each series in amount, denomination, and recitals shall be as near as may be identical with each outstanding issue of bonds, except as to date of issue, rate of interest, and maturity. The date of issue may be the date of the last maturity of the outstanding bonds. The bonds shall bear interest at a rate or rates not exceeding the maximum authorized by Act No. 19 of the First Extraordinary Session of the Legislature of Louisiana for the year 1975, [R.S. 39:1421 to 39:1426], as the same now exists or may be hereafter amended hereinafter referred to as "Act 19", payable annually or semiannually, and they shall mature serially within a period not exceeding forty years from their date of issue. Each series shall bear a serial number which shall identify it with the issue it is intended to refund.
NOTE: §615 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 615 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Amended by Acts 1975, No. 163, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.