RS 828 - Refunding on maturity
If funds are not available to retire the bonds, notes or certificates of indebtedness at maturity, the governing authority of any political subdivision may, for the purpose of refunding or renewing them issue negotiable refunding bonds, notes or certificates of indebtedness not exceeding in amount the bonds refunded or indebtedness due, and with such maturities as in the discretion of the governing authority may seem necessary and proper, and otherwise conforming generally with the provisions of this Part, except that any holder of any outstanding bond, note or certificate of indebtedness which has matured and has not been paid for lack of funds may upon surrendering it to the issuing authority receive in substitution therefor a refunding bond, note or certificate of indebtedness of the same amount.
NOTE: §828 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 828 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Acts 2018, No. 569, §2, eff. July 1, 2021.