reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.43. Authority to issue and sell notes

RS 39:1410.43 - Authority to issue and sell notes
A.(1) Notwithstanding any law to the contrary, and provided that the budget status report required by R.S. 39:75 reflects the state general fund balance not in a deficit posture, the commission may issue and sell from time to time notes payable from the anticipated cash, as reflected in the most recent official forecast of the Revenue Estimating Conference, income, and receipts to be credited by law to the state general fund and hereby authorized to be pledged thereto. No notice to or consent or approval by any other governmental body or public officer shall be required as a prerequisite to the issuance, sale, or delivery of any notes except as expressly provided in this Part, and the provisions of R.S. 39:1365 shall not be applicable to the issuance of the notes. The notes shall be authorized and issued pursuant to a resolution duly adopted by the commission which shall fix the details of the notes and set forth the covenants with respect to the payment and security for the notes consistent with the provisions of this Part.
(2) The proceeds of the notes may be applied for the payment of the costs for issuing the notes, for the payment of any expenditure otherwise payable from the revenue of the state general fund for the benefit of which the notes are issued, for the payment of the principal of, the interest on, or any premium due in connection with the redemption, purchase, or payment of any notes, or for the payment of any combination thereof. Pending such application, such proceeds may be invested or deposited as provided in this Part.
B. The commission has the following powers in order to accomplish any of the purposes of this Part, in addition to the powers otherwise granted by law:
(1) To issue notes for the purposes provided in this Part.
(2) To enter into contracts and agreements in connection with the notes, including but not limited to contracts providing for the purchase or repurchase of the notes.
(3) To do all things necessary and convenient to carry out the purpose of this Part and in connection with the issuance of notes.
C. REPEALED BY ACTS 1992, NO. 659, §2, EFF. JUNE 20, 1992.
D. All fees, expenses, and costs, including bond counsel fees, sales commissions, underwriting liability fees, management fees, attorneys fees, all other general and legal costs of issuance and credit support costs, and all other fees attendant to the issuance of revenue anticipation notes authorized herein shall be subject to prior review and written approval by the attorney general, the State Bond Commission, and the commissioner of administration before any such notes are issued.
Acts 1991, No. 827, §1; Acts 1992, No. 659, §§1, 2, eff. June 20, 1992.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.44. Repealed by Acts 1988, 1st Ex. Sess., No. 14, §3, eff. Mar. 28, 1988.

RS 39:1410.44 - Repealed by Acts 1988, 1st Ex. Sess., No. 14, §3, eff. Mar. 28, 1988.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.48. Contest period

RS 39:1410.48 - Contest period
A. Within thirty days after publication of the notice of intention to issue notes, any person in interest may contest the legality of the resolution, any provision of the notes to be issued pursuant to it, the provisions securing the notes, and the validity of all other provisions and proceedings relating to the authorization and issuance of the notes, by filing, answering, or intervening into a motion for judgment as provided for at R.S. 13:5121 et seq.
B. If no action or proceeding is instituted within this thirty-day period, no person may contest the validity of the notes, the provisions of the resolution pursuant to which the notes were issued, the security of the notes, or the validity of any other provisions or proceedings relating to their authorization and issuance, and the notes shall be presumed conclusively to be legal. Thereafter, no court shall have authority to inquire into such matters.
C. If an action or proceeding is instituted within this thirty-day period, a final decree or judgment of any court of competent jurisdiction shall constitute a permanent injunction against the institution by any person of any action or proceeding contesting the validity of the notes or any other matter adjudicated or which might have been called into question in such proceedings. Thereafter, no court, regardless of whether the thirty-day period shall have expired, shall have authority to inquire into such matters.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.49. Investment of proceeds; income therefrom

RS 39:1410.49 - Investment of proceeds; income therefrom
The state treasurer is authorized to invest and reinvest the proceeds of the notes in any securities which are legal investments for the state general fund. The income from any such investment shall be credited to the state general fund and shall be retained therein for application for any purpose for which said fund is created or used to pay debt service on the notes.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.50. No full faith and credit debt created

RS 39:1410.50 - No full faith and credit debt created
Notes shall be payable solely from the revenues pledged thereto, and the registered owners or holders of the notes may not look to any other source for repayment of the principal of or interest on the notes. In every case, the revenues pledged shall be those which are the subject of appropriation for the current fiscal year and are yet to be credited to the applicable fund. The cash, income, and receipts authorized to be pledged to the repayment of the notes authorized hereby, which are not issued in accordance with the provisions of Article VII, Section 6(A) of the Constitution of Louisiana, are the cash, income, and receipts derived from those sources described in Article VII, Section 6(C) of the Constitution of Louisiana. "An undertaking" within the meaning of said Section 6(C) is hereby defined to include the operation and business of the state. Unless issued in accordance with the provisions of Article VII, Section 6(A) of the Constitution of Louisiana, the notes shall not constitute a full faith and credit obligation or indebtedness of the state within the meaning of any provision of the constitution or statutes.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.51. Notes as legal investment and eligible collateral

RS 39:1410.51 - Notes as legal investment and eligible collateral
Notwithstanding the provisions of any other statute to the contrary, notes shall be legal investments for any political subdivision or public body of the state and shall be eligible for use as collateral for deposits of public funds.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.52. Exemption from taxes

RS 39:1410.52 - Exemption from taxes
All notes authorized to be issued pursuant to the provisions of this Part, together with interest thereon, income therefrom, and gain upon the sale thereof, shall be exempt from state and local taxes.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.53. Construction with other statutes

RS 39:1410.53 - Construction with other statutes
The powers conferred by this Part constitute an additional and separate grant of powers for the issuance and payment of the notes and all other acts in connection therewith authorized by this Part. If there is any inconsistency between the provisions of this Part and any other law, the provisions of this Part shall control.
Acts 1991, No. 827, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.60. Approval of application; incurring indebtedness

RS 39:1410.60 - Approval of application; incurring indebtedness
A. No parish, municipality, public board, political or public corporation, subdivision, or taxing district, and no road or subroad district, school district, sewerage district, drainage or subdrainage district, levee district, waterworks or subwaterworks district, irrigation district, road lighting district, harbor and terminal district, or any other political subdivision, taxing district, political or public corporation, created under or by the constitution and laws of the state shall have authority to borrow money, incur debt, or to issue bonds, or other evidences of debt, or to levy taxes, or to pledge uncollected taxes or revenues for the payment thereof, where they are authorized by the constitution or laws of the state so to do, without the consent and approval of the State Bond Commission.
B.(1) The provisions of this Section shall not apply to purchases made in the ordinary course of administration on terms of credit not to exceed ninety days.
(2) In order to facilitate the review process for approval of financing of the purchases of movables, the State Bond Commission shall adopt rules and regulations to provide for an expedited review procedure for certain categories of such financing and shall determine which financing is to be reviewed under the expedited procedure.
C.(1) As used in this Section, the term "debt" or "evidence of debt" shall not include a lease of a movable or an installment purchase agreement financing the purchase of a movable if the lease or installment purchase agreement contains a nonappropriation clause, and does not contain an anti-substitution or penalty clause; provided that if such lease or installment purchase agreement is entered into in conjunction with the issuance of bonds, notes, certificates, or other obligations which would otherwise be required to be approved by the State Bond Commission, State Bond Commission approval of such financing transaction shall continue to be required.
(2) In order to facilitate the review process for approval of leases of movables that are not excluded from the term "debt" as provided in this Section, the State Bond Commission shall adopt rules and regulations to provide for an expedited review procedure for certain categories of such leases and shall determine which leases are to be reviewed under the expedited procedure.
Acts 1990, No. 500, §1, eff. July 18, 1990; Acts 1991, No. 653, §1; Acts 1997, No. 360, §1; Acts 1999, No. 1364, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.61. Approval of application; special fiscal elections

RS 39:1410.61 - Approval of application; special fiscal elections
Before incurring any debt, holding any election to authorize the incurring of any debt or the levy of any special tax, borrowing any money for any purpose whatever, issuing any bonds or other evidences whatever of debt, levying any tax or pledging any tax or revenue or income for the payment of any such bonds or debt, where they are authorized so to do by the constitution and the laws of this state, every such governmental agency of the state of Louisiana named in R.S. 39:1410.60 shall obtain the consent and approval of the commission.
Acts 1990, No. 500, §1, eff. July 18, 1990.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.62. Delinquent payments or fund transfers on outstanding indebtedness; notification to commission

RS 39:1410.62 - Delinquent payments or fund transfers on outstanding indebtedness; notification to commission
All parishes, municipalities, and any other unit of local government, including but not limited to school boards and special districts, authorized by law to perform governmental functions, as well as any political subdivision creating same, shall notify the commission, in writing, whenever:
(1) Transfers to any funds required to be established by resolution authorizing the issuance of bonds, certificates of indebtedness, or otherwise authorizing the incurring of indebtedness, have not been made timely.
(2) Principal, interest, premiums, or other payments due on outstanding indebtedness have not been made timely.
Acts 1990, No. 500, §1, eff. July 18, 1990.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.63. Penalties for violation

RS 39:1410.63 - Penalties for violation
A. Any contract, debt, obligation, bond, or other evidence of indebtedness whatsoever, incurred or issued in violation of this Part, and without the consent and approval of the commission shall be null and void, and no court of this state shall have jurisdiction to enforce the payment thereof, or of any suit or other proceeding affecting or involving the same.
B. Any person or any officer, agent, or employee of any governmental agency named in R.S. 39:1410.60, who violates this Part, or who counsels, aids, or abets the violation thereof, or who participates with others, or who engages or attempts to engage, in the borrowing or lending of, or any attempt to borrow or lend any money, the calling of any election, the incurring of any debt, the issuing or negotiation or sale of any bond or other evidence of debt whatsoever, the levying of any tax, the mortgaging of any land, building, machinery, and equipment, or the pledge of any tax, income, or revenues, without the consent and approval, first hand and obtained, of the commission, shall be fined not less than one hundred dollars and not more than five hundred dollars, and imprisoned for not more than six months.
Acts 1990, No. 500, §1, eff. July 18, 1990.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.64. Approval of petitions in bankruptcy court

RS 39:1410.64 - Approval of petitions in bankruptcy court
No petition in relation to the readjustment of the debts of any agency of the state of Louisiana included in the provisions of R.S. 39:1410.60 shall be received or filed in the courts of bankruptcy of the United States unless accompanied by the written consent of the commission, and no such plan of readjustment shall be put into temporary effect or finally confirmed without the written approval of the commission of such plans.
Acts 1990, No. 500, §1, eff. July 18, 1990.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.65. Applications of provisions

RS 39:1410.65 - Applications of provisions
The provisions of this Part shall extend and apply to any debt incurred or bond or other evidence of debt issued by any such governmental agency named in R.S. 39:1410.60, although the same has been authorized by an election of the qualified electors, although the same is being incurred or issued without an election or by agreement with the lender that no election shall be required, or although the same is otherwise incurred or issued under any provision of the constitution or laws of this state, including any and all charters of municipalities.
Acts 1990, No. 500, §1, eff. July 18, 1990.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1410.66. Filing of bond transcripts

RS 39:1410.66 - Filing of bond transcripts
A. Within six months of the closing of a bond issue or other evidence of debt by a political subdivision, the bond counsel shall transmit the bond transcript to the political subdivision. A copy of the transmittal letter shall also be filed with the State Bond Commission.
B. Any bond counsel who violates this Section shall be subject to a civil penalty of not more than five thousand dollars as determined by the State Bond Commission. The State Bond Commission shall adopt rules and regulations to provide for the enforcement of this civil penalty.
C. For purposes of this Section:
(1) "Bond transcript" shall mean all relevant documents related to the bond or debt issue, including but not limited to the authorizing ordinance or resolution, debt instrument, amortization schedule, indenture or loan agreement, publication notice, bond counsel opinion, and special tax counsel opinion.
(2) "Political subdivision" shall mean municipalities, parishes, and school boards.
Acts 1999, No. 508, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1411. No state assistance for discriminatory programs

RS 39:1411 - No state assistance for discriminatory programs
No person in the State of Louisiana shall, on the ground of race, color, religion, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving state financial assistance.
Added by Acts 1972, No. 540, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1412. Effectuation of R.S. 39:1411

RS 39:1412 - Effectuation of R.S. 39:1411
Each department, commission, board, institution, agency and political subdivision of the state and the officers thereof which are empowered to extend financial assistance to any program or activity, by way of grant, loan, or contract other than a contract of insurance or guaranty, shall effectuate the provisions of R.S. 39:1411 with respect to such program or activity by issuing rules, regulations, or orders of general applicability which shall be consistent with achievement of the objectives of the statute authorizing the financial assistance in connection with which the action is taken. No such rule, regulation, or order shall become effective unless and until approved by the governor. Compliance with any requirement adopted pursuant to this section may be effectuated by any means authorized by law; provided, however, that no such action shall be taken until the department or agency concerned has advised the appropriate person or persons of the failure to comply with the requirement and has determined that compliance cannot be secured by voluntary means.
Added by Acts 1972, No. 540, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1421. Definitions

RS 39:1421 - Definitions
As used in this Chapter, the following words and terms shall have the meaning hereinafter ascribed to each:
(1) "Securities" means bonds, notes, certificates or other written obligations for the repayment of borrowed money, including obligations to refund any of the foregoing.
(2) "Public entities" means: (a) state boards, agencies or commissions, parishes, municipalities, parish and municipal school boards and districts, levee boards and districts, port boards and commissions, port, harbor, terminal and industrial districts, drainage and land reclamation districts, all special service districts including, but not limited to, road, water, sewerage, fire protection, recreation, hospital service, gas utility and garbage districts; (b) all other political subdivisions, special authorities, commissions, public trusts and boards heretofore or hereafter created by or pursuant to the constitution or statutes of the state, any laws incorporated into or ratified or confirmed by the constitution, or general or special charters of any parish or municipality; and (c) all other units of local government created by or governed by the governing authorities of parishes or municipalities.
(3) "Credit enhancement devices" means municipal bond insurance, bank guarantees, surety bonds, letters of credit, contracts commonly known as interest rate swap agreements, forward payment conversion agreements, futures or contracts providing for payments based on levels of or changes in interest rates, contracts to exchange cash flows or a series of payments or contracts, including without limitation options, puts or calls to hedge payment, rate, spread, or similar exposure and other devices to enhance the credit quality of securities of public entities.
(4) "Revenue bonds" shall mean bonds or other debt obligations payable from and secured solely by a pledge of the income and revenues derived or to be derived from fees, rates, rentals, tolls, charges, grants, or other receipts, income or revenues derived from any properties or facilities belonging to a public entity or the use thereof.
Acts 1975, 1st Ex.Sess., No. 19, §1, eff. Jan. 28, 1975. Amended by Acts 1980, No. 410, §1, eff. July 18, 1980; Acts 1980, No. 412, §1, eff. July 18, 1980; Acts 1985, No. 727, §1, eff. July 16, 1985; Acts 1989, No. 758, §1; Acts 2001, No. 128, §14, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1422. Legislative intent

RS 39:1422 - Legislative intent
It is the intent of the Legislature in enacting this law to establish uniform provisions relating to maximum interest rates and advertising for bids for public sale of securities of public entities so as to assist public entities in marketing their securities under frequently changing money market conditions over which they have no control.
Acts 1975, 1st.Ex.Sess., No. 19, §2, eff. Jan. 28, 1975.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1423. Application of provisions

RS 39:1423 - Application of provisions
The provisions of this Chapter, relating to maximum interest rates and advertising for bids shall supersede: (1) those provisions of the Louisiana Constitution of 1921 continued as statutes under the authority of Article XIV of the Louisiana Constitution of 1974; and (2) all other laws of the state of Louisiana relating to the issuance of securities by public entities.
Acts 1975, 1st Ex.Sess., No. 19, §3, eff. Jan. 28, 1975.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1424. Maximum interest rates for securities

RS 39:1424 - Maximum interest rates for securities
Notwithstanding any maximum interest rate limitation which may be set forth in any other law, the following shall constitute the maximum interest rates for securities issued by public entities:
(1) Notwithstanding any other law to the contrary, for those securities which are required to be authorized at an election, the maximum rate shall be as provided for in the proposition approved at the election, including but not limited to, stating the maximum fixed interest rate therein or incorporating it by reference to applicable state law.
(2) For all other securities the maximum interest rate shall be the maximum rate set forth in the resolution or other instrument providing for their issuance adopted by the governing authority of the public entity and approved by the State Bond Commission.
Acts 1975, 1st Ex.Sess., No. 19, §4, eff. Jan. 28, 1975. Amended by Acts 1980, No. 413, §1, eff. July 18, 1980; Acts 1985, No. 727, §2, eff. July 16, 1985.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1424.1. Variable, adjustable, noninterest bearing, or zero interest rate securities

RS 39:1424.1 - Variable, adjustable, noninterest bearing, or zero interest rate securities
A. Notwithstanding any other provision of law to the contrary, public entities are hereby authorized to issue, in addition to fixed interest rate securities, variable interest rate securities or adjustable interest rate securities based upon: (1) a ratio or percentage of prime lending rates of commercial banks, federal fund rates, bank discount rates, yields on United States Treasury obligations, rates paid by banks on certificates of deposit, cost-of-living or price indexes or any combination thereof, or (2) any other type formula or contractual arrangement for the periodic determination of interest rates, all as may be established in the instrument providing for the issuance of such securities and approved by the State Bond Commission.
B. Notwithstanding any other provision of law to the contrary, public entities are hereby authorized to issue noninterest bearing securities or securities bearing interest at a rate of zero percent and to sell the same at such price or prices as may be determined by the governing authority of the issuer of such securities.
C. Notwithstanding any other provisions of law to the contrary, when variable or adjustable interest rate securities are issued or are proposed to be issued in accordance with this Chapter, for the purpose of calculating or determining the total amount of principal and interest falling due on the securities in any year or the maximum interest rate for those securities which are required to be authorized at an election, public entities may estimate a maximum interest rate and this estimate shall be deemed conclusive.
Added by Acts 1980, No. 413, §2, eff. July 18, 1980. Amended by Acts 1982, No. 513, §1, eff. July 22, 1982; Acts 1985, No. 727, §3, eff. July 16, 1985.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1425. Maximum interest rates for securities previously authorized at an election

RS 39:1425 - Maximum interest rates for securities previously authorized at an election
Any bonds heretofore authorized at an election at which the proposition approved by the electors specified a maximum interest rate higher than the maximum interest rate permitted by laws in effect at the time of said election may be issued at a maximum rate of interest not exceeding the rate set forth in said proposition subject to the approval of the State Bond Commission.
Acts 1975, 1st.Ex.Sess., No. 19, §5, eff. Jan. 28, 1975.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1427. Form in which securities may be issued

RS 39:1427 - Form in which securities may be issued
Notwithstanding any other law to the contrary, securities may be issued in any one or more of the following forms: (a) payable to bearer with coupons attached for the payment of interest, subject to registration as to principal only or as to both principal and interest; and (b) fully registered without coupons which may be subject to conversion into coupon securities.
Added by Acts 1977, No. 390, §1, eff. July 10, 1977.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1428. Price at which securities may be sold

RS 39:1428 - Price at which securities may be sold
A. It is the intent of the legislature to make uniform those portions of existing laws relating to the price at which securities may be sold, it being recognized by the legislature that there are differences in the prices at which securities may be sold in the various existing laws authorizing the issuance of securities.
B. Notwithstanding any limitations set forth in any other law relating to the issuance of securities by public entities, all securities may be sold at such price or prices as may be determined by the governing authority of the issuer of such securities provided the issuance of the securities is approved by the State Bond Commission.
C. Repealed by Acts 1985, No. 727, §5, eff. July 16, 1985.
Added by Acts 1980, No. 252, §1, eff. July 12, 1980. Amended by Acts 1982, No. 513, §1, eff. July 22, 1982; Acts 1985, No. 727, §5, eff. July 16, 1985.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1429. Credit enhancement, purchase and payment; authorization

RS 39:1429 - Credit enhancement, purchase and payment; authorization
A. It is the intent of the legislature to facilitate the use of credit enhancement devices in connection with the sale of securities only in those instances where it can be financially advantageous to public entities issuing the securities, it being recognized that in certain instances the marketability of securities may be enhanced and interest costs thereon reduced by the use of credit enhancement devices.
B. Upon a finding by the governing authority of benefit therefrom, a public entity may enter into contracts with providers of credit enhancement devices respecting any securities issued by these public entities and may pay all the cost thereof from the proceeds of the sale of the securities or from other lawfully available funds.
Added by Acts 1980, No. 412, §1, eff. July 18, 1980; Acts 1985, No. 727, §6, eff. July 16, 1985.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1430. Revenue bonds and security therefor

RS 39:1430 - Revenue bonds and security therefor
A. Notwithstanding any provision of law to the contrary, public entities may issue revenue bonds for any authorized purpose payable out of the income, revenues, and receipts derived or to be derived from the properties and facilities owned, leased, mortgaged, or pledged to, maintained or operated by the public entity or received by the public entity from these properties and facilities, or from contracts or agreements relating to these properties and facilities, including but not limited to lease or sublease agreements, sale agreements, loan agreements, pledge agreements, or other financing agreements, between that public entity or any entity, or from any other sources whatsoever, including but not by way of limitation sales tax revenues, provided annual debt service is not in excess of seventy-five percent of the sales tax revenues estimated to be received in the calendar year the bonds are issued, other monies which, by law or contract, may be made available to the public entity. No filing with respect to the pledge of income and revenues to the payment of revenue bonds issued under the constitution or any statute of this state need be made under Chapter 9 of Title 10 of the Louisiana Revised Statutes of 1950, as amended.
B. Nothing contained in this Section is or shall be construed as a restriction or a limitation upon any powers which any public entity might otherwise have under any laws of this state. This Section shall be regarded as supplemental and additional to powers conferred by other laws.
Added by Acts 1982, No. 513, §1, eff. July 22, 1982; Acts 1985, §727, §7, eff. July 16, 1985; Acts 1988, No. 619, §1; Acts 1989, No. 137, §14; Acts 1989, No. 598, §4, eff. Sept. 1, 1989.
{{NOTE: ACTS 1989, NO. 137, §14 SUPERSEDED BY ACTS 1989, NO. 598, §9.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1430.1. Security interests by public entities

RS 39:1430.1 - Security interests by public entities
Any pledge of and grant of security interest in taxes, income, revenues, monies, loan payments, reimbursement payments, or receipts, including without limitation water, gas, garbage, electricity or sewer charges, fees, receipts, rates, rentals, excess revenues, general fund monies or hospital revenues, or loan agreements, reimbursement agreements, or other financing agreements or related contract rights, made by a public entity in connection with the issuance of securities shall be valid, binding, and perfected from the time when the pledge is made. The taxes, income, revenues, monies, payments, or receipts or agreements or contract rights so pledged and then held or thereafter received by the public entity or any fiduciary shall immediately be subject to the lien of such pledge and security interest without any physical delivery thereof or further act, and the lien of such pledge and security interest shall be first priority and valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the public entity, whether or not such parties have notice thereof. Neither the resolution nor any trust agreement or issuing document by which such pledge and security interest is created need be filed or recorded. No filing with respect to such pledge and security interest made by a public entity need be made under Chapter 9 of the Louisiana Commercial Laws, R.S. 10:9-101 et seq., for the perfection or priority of such pledge and security interest.
Acts 2001, No. 128, §14, eff. July 1, 2001; Acts 2004, No. 303, §4.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1431. Definitions

RS 39:1431 - Definitions
As used in this Chapter, the following terms shall have the meanings ascribed to each:
(1) "Fully registered form" means securities which are registered as to the ownership of both the principal, interest, and premium, if any, thereon in any one or more of the following forms:
(a) by the utilization of a registrar/transfer agent or by the public entity;
(b) a book entry system, whether computerized or otherwise, or other system for recording the ownership of the principal, interest, and premium, if any, that identifies the owner of any interest in securities;
(c) a single security representing an entire issue of securities held by a financial institution or other person as trustee or agent with the ownership interest in such security being in fully registered form as provided for in this Chapter;
(d) any other form pursuant to which the ownership of and payment of principal, interest, and premium, if any, on securities are registered.
(2) "Issuing resolution" means a resolution, ordinance, or other instrument or proceeding providing for the issuance of securities.
(3) "Public entities" means:
(a) the state of Louisiana and state departments.
(b) state boards, agencies, or commissions; parishes; municipalities; parish and municipal school boards and districts; levee boards and districts; port boards and commissions; port, harbor and terminal and industrial districts; drainage and land reclamation districts; all special service districts including, but not limited to, road, water, sewerage, fire protection, recreation, hospital service, ambulance, gas utility, and garbage districts.
(c) all other political subdivisions, special authorities, public trusts, industrial development boards, commissions, and boards heretofore or hereafter created by or pursuant to the constitution or statutes of the state, any laws incorporated into or ratified or confirmed by the constitution, or general or special charters of any parish or municipality.
(d) all other units of local government created by or governed by the governing authorities of parishes or municipalities.
(4) "Securities" means bonds, notes, certificates, or other obligations for the repayment of borrowed money, including obligations to refund any of the foregoing.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1432. Legislative intent

RS 39:1432 - Legislative intent
The intent of the Legislature in enacting this Chapter is to establish uniform provisions for the issuance, execution, registration, and transfer of securities of public entities in fully registered form, and to permit such public entities to use the most technologically advanced and efficient techniques for issuance, transfer, and registration processes.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1433. Application of provisions

RS 39:1433 - Application of provisions
The provisions of this Chapter shall supersede all other laws of the state of Louisiana relating to the issuance, execution, registration, transfer, and payment of securities of public entities in fully registered form.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1434. Issuance, execution, and transfer of fully registered securities

RS 39:1434 - Issuance, execution, and transfer of fully registered securities
A. Notwithstanding any other laws to the contrary, public entities may issue securities in fully registered form and provide for their execution, registration, and transfer in accordance with the terms and conditions prescribed by the issuing resolution.
B. Without regard to any other provision of law relating to the signing of securities, including, but not by way of limitation, R.S. 39:473, at the time of their original issuance all securities in fully registered form may be signed with facsimile signatures if provision is also made for a manual authenticating signature by a designated bank or other financial institution or person; however, if no such provision is made for an authenticating signature, all such securities shall be signed with a manual signature of an officer of the issuing entity designated in the issuing resolution. After the original issuance of securities in fully registered form all subsequent transfers thereof need not bear manually subscribed signatures or endorsements.
C. Notwithstanding the foregoing, no signature or endorsement by the issuing entity or any other person or state official shall be required upon original issuance or subsequent transfer in the event that a book entry system or similar system is to be utilized for registration, transfer, or exchange of securities in fully registered form in accordance with the issuing resolution.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1435. Contractual services; exemption; payment

RS 39:1435 - Contractual services; exemption; payment
A. Public entities may contract for the services of a financial institution or other person, located in or out of the state, to perform any or all of the following functions with respect to an issue of fully registered securities and such contractual arrangement shall be exempt from the public contracts law, R.S. 38:2181 through 2317, and the Louisiana Procurement Code, R.S. 39:1551 through 1755:
(a) authentication, transfer, registration, exchange, mechanical, clerical functions, and any other duty or function of a ministerial, record keeping, or mechanical nature relating to the issuance of securities;
(b) record or bookkeeping or book entry functions;
(c) preparation, signing, and issuance of checks or warrants in payment of debt service or other obligations of the public entity issuing the securities;
(d) preparation and maintenance of reports and accounts;
(e) performance of other duties related to the issuance and payment of the securities.
B. The cost of said functions, whether incurred under a contract or through direct performance by the issuing public entity, may be paid from the proceeds of the sale of the securities or from other funds lawfully available for such purpose.
C. The records of ownership, registration, transfer, and exchange of the aforesaid registered securities and of persons to whom payment with respect to such securities is made shall be exempt from the public records law, Title 44 of the Louisiana Revised Statutes.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1436. Pledge and assignment of registered securities

RS 39:1436 - Pledge and assignment of registered securities
Any form provided for in this Chapter to fully register securities may include a method of registering pledges or assignments of the securities, and such registration shall effect delivery and notification of the pledged or assigned securities as required by law.
Acts 1983, No. 699, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1437. Registration requirements

RS 39:1437 - Registration requirements
Notwithstanding any other law to the contrary, securities in fully registered form, other than general obligation and sales tax bonds, need not be registered with any state, parish, or local department, agency, or official. General obligation and sales tax bonds, except those issued in fully registered form using a book entry system, shall, upon the original issuance thereof only, continue to be registered with the Secretary of State in accordance with R.S. 39:911 and R.S. 39:698.9. Any other statutes requiring registration of securities with any state, parish, or local official or state, parish, or local agency or department shall not be applicable to any securities of public entities.
Acts 1983, No. 699, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1441. Definitions

RS 39:1441 - Definitions
As used in this Chapter, the following terms shall have the following meanings:
A. "Securities" means bonds, notes, certificates, or other written obligations for the repayment of borrowed money, including obligations to refund any of them.
B. "Public entities" means: (1) the state of Louisiana, state departments, boards, commissions, or agencies; parishes; municipalities; parish and municipal school boards and districts; levee boards and districts; port boards and commissions; port, harbor, terminal and industrial districts; drainage and land reclamation districts; all special service districts, including but not limited to road, water, sewerage, fire protection, recreation, hospital service, gas utility, and garbage districts; (2) all other political subdivisions, special authorities, commissions, and boards heretofore or hereafter created by or pursuant to the constitution or statutes of the state, any laws incorporated into or ratified or confirmed by the constitution, or general or special charters of any parish or municipality; and (3) any other unit of local government created or governed by the governing authority of any parish or municipality.
Added by Acts 1978, No. 381, §1, eff. July 12, 1978.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1442. Defeasance of securities of a public entity

RS 39:1442 - Defeasance of securities of a public entity
A. Securities of a public entity shall be defeased and shall be deemed to be paid and shall no longer be considered to be outstanding under the instrument providing for their issuance, and the covenants, agreements, and obligations contained in the instrument providing for their issuance shall be discharged if one of the following shall occur:
(1) There is deposited in an irrevocable trust with a bank which is a member of the Federal Deposit Insurance Corporation, or its successor, or with a trust company, monies in an amount sufficient to pay in full the principal of and interest and call premiums, if any, on such securities to their stated maturity or to the date fixed for their redemption, if such securities are callable for redemption prior to their stated maturities and irrevocable provision has been made for the call thereof.
(2) There is deposited in an irrevocable trust with a bank which is a member of the Federal Deposit Insurance Corporation, or its successor, or with a trust company, noncallable direct general obligations of the United States of America or obligations unconditionally guaranteed in principal and interest by the United States of America, including certificates or other evidence of an ownership interest in such noncallable direct obligations, which may consist of specified portions of interest thereon, such as those securities commonly known as CATS, TIGRS, and STRPS, the principal of and interest on which, when added to other monies, if any, deposited therein, shall be sufficient to pay when due the principal of and interest and call premiums, if any, on such securities to their stated maturity or to the date fixed for redemption, if such securities are callable for redemption prior to their stated maturities and irrevocable provision has been made for the call thereof.
B. Neither the obligations, the moneys deposited with the bank pursuant to this Section, nor the principal or interest payments on any such obligations shall be withdrawn or used for any purpose other than and they shall be held in trust for the payment of the principal of and premium, if any, and interest on the securities defeased. The holders of the securities which are so defeased shall have an express lien on such moneys or governmental obligations until paid out, used, and applied in accordance with this Section.
Added by Acts 1978, No. 381, §1, eff. July 12, 1978; Acts 1988, No. 764, §1, eff. July 15, 1988; Acts 1999, No. 297, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1443. Effect of defeasance

RS 39:1443 - Effect of defeasance
Securities of the public entity which have been defeased as provided in R.S. 39:1442 shall no longer be considered as outstanding in computing any constitutional or statutory debt limitation with respect to the issuance of securities by such entity, and the public entity shall be released from the covenants, agreements, and obligations contained in the instrument authorizing such securities.
Added by Acts 1978, No. 381, §1, eff. July 12, 1978.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1444. Definitions

RS 39:1444 - Definitions
As used in this Chapter, the following terms shall have the following meanings:
(1) "Credit enhancement device" means a letter of credit, bank guarantee, municipal bond insurance, surety bond, or any other device designed to improve the credit quality and marketability of securities.
(2) "General obligation bonds" means bonds payable from ad valorem taxes levied by the issuer without limit as to rate or amount and to the payment of which bonds the full faith and credit of the issuer may also be pledged.
(3) "Issuer" means the public entity issuing refunding bonds.
(4) "Limited tax bonds" means bonds payable from any taxes other than unlimited ad valorem taxes.
(5) "Public entities" or "public entity" means any one of the following, acting alone or in conjunction with any other:
(a) State boards, commissions, or agencies; parishes; municipalities; parish and municipal school boards and districts; levee boards and districts; port boards and commissions; port, harbor, terminal, and industrial districts; drainage and land reclamation districts; all special service districts, including but not limited to road, water, sewerage, fire protection, recreation, hospital service, gas utility, and garbage districts; public trusts; and industrial development boards;
(b) All other political subdivisions, special authorities, commissions, and boards heretofore or hereafter created by or pursuant to the constitution or statutes of the state, any laws incorporated into or ratified or confirmed by the constitution, or general or special charters of any parish or municipality; and
(c) Any other unit of local government created or governed by the governing authority of any parish or municipality.
(6) "Refunding bonds" means any securities issued to refund outstanding securities.
(7) "Revenue bonds" means securities payable from and secured solely by a pledge of the income and revenues derived or to be derived from fees, rates, rentals, tolls, charges, grants, or other receipts, income, or revenues derived from any properties or facilities belonging to or leased by a public entity or from obligations owed to such entity or from obligations arising in connection with an undertaking, facility, project, or any combination thereof.
(8) "Securities" means bonds, notes, certificates, or other written obligations for the repayment of borrowed money.
Acts 1984, No. 352, §1, eff. July 2, 1984.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1445. Authorization of refunding bonds

RS 39:1445 - Authorization of refunding bonds
Subject to the approval of the State Bond Commission and without reference to any other provisions of the laws of Louisiana and in addition to any other authority therefor, any public entity is hereby authorized to issue refunding bonds for the purpose of refunding, readjusting, restructuring, refinancing, extending, or unifying the whole or any part of its outstanding securities in an amount sufficient to provide the funds necessary to effectuate the purpose for which the refunding bonds are being issued and to pay all costs associated therewith.
Acts 1984, No. 352, §1, eff. July 2, 1984.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1446. Manner of issuance of refunding bonds

RS 39:1446 - Manner of issuance of refunding bonds
A. The refunding bonds shall be issued pursuant to a resolution or an ordinance adopted by the governing body of the issuer, which resolution or ordinance shall fix all details of the refunding bonds, including their form, terms, repayment schedule, and redemption features. The refunding bonds may be issued as part of a multi-purpose issue.
B. The governing body of the issuer shall have authority to adopt all proceedings necessary for the authorization, sale, and delivery of the bonds, including the right to enter into all contractual arrangements as may be necessary to effectuate the purpose for which the refunding bonds are being issued upon terms determined by the governing body of the issuer to be advantageous and beneficial to the issuer.
Acts 1984, No. 352, §1, eff. July 2, 1984.