RS 618 - Special funds may be charged with refunding expenses
A. Whenever the subdivisions specified in Article XIV, Section 14(a) of the constitution of 1921, as amended, are readjusting, extending, refunding or unifying the whole or any part of their outstanding bonds or certificates of indebtedness, and the interest thereon, pursuant to the requirements of any of the provisions of the constitution, as amended, or that hereafter may be adopted, they may charge against and deduct from the sinking funds or other special funds established and maintained for the payment of principal and interest of particular issues of bonds and certificates, such necessary expenses as are undischarged or that may be incurred or contracted in the readjustment, extension, refunding or unification of the particular issues of bonds and certificates of indebtedness.
B. The expenses may be authorized for payment by the bodies aforesaid, if it first has been ascertained and determined by them that to pay the expenses from their general funds would prejudice the payment of current statutory and ordinary charges or existing pledges and dedications, subject to the following provisions.
(1) Charges against or deductions from such sinking funds or other special funds shall not be made unless the interest otherwise payable therefrom has been provided for in proceedings authorizing the readjustment, refunding, extension or unification.
(2) None of the provisions of R.S. 9:3801 through 3814 shall be applicable to affect contrarily or adversely the operation of any of the provisions of this Section.
NOTE: §618 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 618 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Acts 2018, No. 569, §2, eff. July 1, 2021.