RS 694 - Exchange of outstanding bonds for refunding bonds
Upon issuance of refunding bonds as provided herein by any political subdivision or parish school board, the holder of any outstanding bond or certificate of indebtedness of any such political subdivision or parish school board, whether matured or unmatured, upon surrendering the bond or certificate of indebtedness to the issuing authority, may receive in exchange and substitution therefor a refunding bond of the same amount, bearing interest not exceeding the interest rate of the bonds refunded and maturing not longer than forty years after the date of the refunding bond. The funds realized from the sale of the refunding bonds shall be applied exclusively to the payment of the bonds or certificates of indebtedness refunded.
NOTE: §694 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 694 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1975, No. 153, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.