reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:991.2. Authorization to issue revenue bonds; port commissions and port, harbor, and terminal districts

RS 39:991.2 - Authorization to issue revenue bonds; port commissions and port, harbor, and terminal districts
In addition to any authority conferred by other laws, all port commissions and all port, harbor, and terminal districts, hereinafter referred to as commissions, shall constitute municipal corporations or municipalities for the purposes of this Part and may issue their revenue bonds as provided in this Part for purposes set forth in this Part and/or for the purpose of constructing, acquiring or improving port facilities, including those capital improvements described by law as being projects authorized to be undertaken by the governing board of any such commission under its general jurisdiction and powers. Such revenue bonds shall be issued in the name of the particular issuing commission and shall not be general obligations secured by a pledge of the full faith and credit of the state, the commission, or the parishes contained within its port area, and the issuance thereof shall not constitute the incurring of state debt under the constitution. The revenue bonds shall be limited obligations of the particular commission. The principal, interest and redemption premiums on the revenue bonds, if any, shall be payable solely from the income and revenue derived from the sale, lease or other disposition of the project or facility so financed including all or part of the dockage or other fees received by the particular commission as a result of such project or facility, all as more fully set forth in this Part. Also, in the discretion of the particular commission the bonds may be additionally secured by a mortgage covering all or any part of the project or facility as more fully set forth in this Part. Notwithstanding other provisions of law to the contrary, title to the sites, projects and/or facilities, and appurtenances thereto acquired and purchased through the issuance of the revenue bonds herein authorized shall vest solely in the particular commission and shall not vest in the state of Louisiana. Such commissions may sell, lease, sublease or otherwise dispose of by suitable and appropriate contract the sites, projects and/or facilities, and appurtenances thereto, all or severally, financed by said revenue bonds in the manner provided by this Part. Revenue bonds of deep-water port commissions, as defined in Article VI, Section 44 of the constitution, shall be sold on behalf of such commissions by the State Bond Commission in accordance with law and the provisions of this Part. Revenue bonds of all other commissions shall be sold by the respective governing authorities thereof. In all other respects such commissions are authorized and empowered to issue their revenue bonds to finance projects or facilities as herein described under the authority contained in this Part without the limitations of other laws and such commissions may contract with respect to such projects or facilities as herein provided.
Added by Acts 1977, No. 698, §1, eff. July 25, 1977.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:993. Mortgage and pledge; rights of bond holders

RS 39:993 - Mortgage and pledge; rights of bond holders
Any bonds issued under the authority of this Part shall be payable from and secured by a pledge of the revenues herein above described and may be secured by a mortgage covering all or any part of the project or facility from which the revenues so pledged may be derived. The governing authority may, by resolution, empower the presiding officer and secretary or clerk to issue, execute, sign, seal, negotiate, and deliver the bonds and to make and execute in the name and under the seal of the municipality an act of mortgage and pledge to secure the payment of the bonds in principal and interest, and when the act of mortgage and pledge has been executed, the property to the extent mortgaged thereby and not released according to the terms of the mortgage and the income and revenues therefrom thus pledged, shall remain mortgaged and pledged for the security of the bonds, in principal and interest, until they have been fully paid and discharged: or in the alternative, the governing authority of the municipality or district may deposit with the trustee, as provided in the act of mortgage, cash or United States government bonds in a sufficient amount to fully pay the then outstanding bonds and interest thereon, and, upon such deposit being made, the trustee may cancel the mortgage. Any holder of the bonds or of any of the coupons thereto attached may by appropriate legal action compel performance of all duties required of the governing body and officials of the municipality by the provisions of this Part. In case default is made in payment of bonds, or any of them, in whole or in part, or of any installment of interest thereon, when the same becomes due, the holder of the bonds may proceed against the governing authority of the municipality to enforce the pledge of income and revenues and foreclose the mortgage by seizure and sale of the property mortgaged, as if proceeding against a private person. But, bonds issued under the provisions of this Part and the liability arising therefrom shall not be a charge upon the other income and revenues of the municipality issuing the bonds, and shall not be included in computing the indebtedness of the municipality for the purpose of determining any constitutional or statutory limitation.
Acts 1964, No. 520, §3. Amended by Acts 1972, No. 433, §1; Acts 1974, No. 620, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:994. Priority of lien

RS 39:994 - Priority of lien
If more than one series of bonds is issued hereunder, payable from the revenues of any project or facility acquired, constructed or improved from the proceeds of bonds issued under the provisions of this Part, priority of lien on such revenues shall depend on the time of the delivery of the bonds, each series enjoying a lien prior and superior to that enjoyed by any series of bonds subsequently delivered, except that where provision is made in the proceedings authorizing any issue or series of bonds for the issuance of additional bonds in the future on a parity therewith, pursuant to procedure or restrictions provided in such proceedings, additional bonds may be issued in the future on a parity with such issue or series in the manner so provided in such proceedings.
Acts 1964, No. 520, §4.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:996. Lease, sublease, or sale of project prior to issuance of bonds; terms and conditions

RS 39:996 - Lease, sublease, or sale of project prior to issuance of bonds; terms and conditions
Prior to the issuance of any bonds under this Part, the municipality shall lease, sublease, or agree to sell the project to a lessee, sublessee, or purchaser under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals or installment payments as will be sufficient (a) to pay the principal of and interest on the bond issued to finance the project, (b) build up and maintain any reserve deemed by the governing body to be advisable in connection therewith, and (c) unless the contract obligates the lessee, sublessee, or purchaser to pay for the maintenance and insurance of the project, to pay the cost of maintaining the project in good repair and keeping it properly insured. Such lease, sublease, or agreement of sale shall be made upon such other terms and conditions and for the time which may be determined by the municipality and may contain provisions authorizing the purchase of the entire leased project or any portion thereof by the lessee or its assignee, where applicable, after all bonds issued thereunder have been paid in full, for such consideration and upon such terms and conditions as the municipality may determine. If title to the project is in the municipality, the municipal corporation may specifically require as a condition under the lease agreement, that the lessee of each of the projects of said municipal authority shall pay annually to the appropriate taxing authority, through the normal collecting agency, a sum in lieu of ad valorem taxes to compensate such authorities for any services rendered by them to such projects which sum shall not be in excess of the ad valorem taxes such lessee would have been obligated to pay to such authorities had it been the owner of such project during the period for which such payment is made. Such payments to be made in lieu of taxes together with any fees and charges of such public trust, to the extent in the aggregate they do not exceed the amount of taxes that would be paid if the lessee were the owner, shall constitute statutory impositions within the meaning of R.S. 47:2128.
Acts 1964, No. 520, §6. Amended by Acts 1972, No. 433, §1; Acts 1974, No. 620, §1; Acts 2010, No. 1042, §2, eff. July 8, 2010.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:997. Approval by State Bond Commission; validation; interest rates

RS 39:997 - Approval by State Bond Commission; validation; interest rates
A. Before incurring debt and issuing bonds to carry out any plans to encourage the location of or additions to an industrial enterprise, the State Bond Commission or its successor in function, shall certify its approval of any proposed contract between the municipality and the industrial enterprise to be aided, encouraged, or benefitted. The maximum interest rate at which bonds may be issued under this Part shall not exceed the maximum rate for conventional interest fixed by R.S. 9:3500 et seq.
B. All bonds heretofore issued under the provisions of this part are hereby validated, ratified and confirmed and declared to be valid and binding obligations of the municipal corporation in accordance with the terms of their issuance in spite of any one or more irregularities which may have occurred in the passage of this Part or question which might be raised as to the constitutionality of any procedural provision of this Part. All proceedings heretofore had in connection with the issuance of such bonds are hereby ratified, validated and confirmed.
Acts 1964, No. 520 §7. Amended by Acts 1968, No. 649, §2; Acts 1970, No. 324, §1, emerg. eff. July 13, 1970, at 2:05 P.M.; Acts 1972, No. 433, §1; Acts 2014, No. 549, §1, eff. July 1, 2014.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:998. Sale of bonds

RS 39:998 - Sale of bonds
The bonds issued under the authority of this Part may be sold at a private sale at such price or prices as may be determined by the governing body of the municipality after publication by the municipality of a notice of intention to sell the bonds at such a private sale. Said notice shall be published in a newspaper of general circulation, published in the parish where the entity issuing the bonds is located or has its domicile and also in a newspaper of general circulation or financial journal or newspaper containing a section devoted to municipal bond news published in either of the cities of New Orleans, Louisiana, or New York, New York, such publications to be made at least seven days in advance of the date scheduled for the sale of the bonds. Subject to the resolution authorizing their issuance, the proceeds derived from the sale of the bonds shall be used for the purpose or purposes for which they are issued, including, but not by way of limitation, trustees' fees and expenses, underwriting fees and commissions and other financing charges.
Acts 1964, No. 520, §1. Amended by Acts 1972, No. 433, §1; Acts 1975, No. 598, §1, eff. July 17, 1975; Acts 1978, No. 401, §1, eff. July 10, 1978.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:999. Refunding bonds

RS 39:999 - Refunding bonds
For the purpose of refunding any bonds issued hereunder, the governing body of any municipality may authorize the issuance of refunding bonds in a principal amount not exceeding the sum of the expenses incurred in connection with the refunding and the greater of (1) the principal of and redemption premiums, if any, on the refunded bonds or (2) an amount which together with investment income on such amount, but without further reinvestment, will be sufficient to pay principal of, interest on, and redemption premiums, if any, on the refunded bonds as the same may become due. Refunding bonds may be issued for any public purpose including but not limited to: (1) reducing the total debt service requirement of the issuer; (2) releasing the issuer from provisions of the resolution, ordinance or bond indenture authorizing the issuance of the refunded bonds; and (3) extending and/or unifying the whole or any part of the issuer's outstanding debt. The refunding bonds may be issued alone or combined with additional bonds issued hereunder into a single issue. The refunding bonds may be issued in an additional principal amount for the purpose of paying all or any part of the interest to accrue on the refunding bonds to the maturity or earlier redemption date of the refunded bonds. The refunding bonds may either be sold and the proceeds applied to or deposited in escrow for the retirement of the outstanding bonds, or may be delivered in exchange for the outstanding bonds. The refunding bonds shall be authorized in all respects as original bonds are herein required to be authorized and sold at private sale after advertisement in the manner provided by this Part. The governing body, in authorizing the refunding bonds, shall provide for the security, the sources from which the bonds are to be paid and for the rights of the holders thereof in all respects as herein provided for other bonds issued under the authority of this Part. The governing body may also provide that the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the bonds refunded.
Acts 1964, No. 520, §9. Amended by Acts 1972, No. 433, §1; Acts 1977, No. 391, §2, eff. July 10, 1977.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1000. Publication of resolution; contest validity

RS 39:1000 - Publication of resolution; contest validity
The resolution authorizing the issuance of bonds shall be published once in a newspaper published in the municipality, or if no newspaper is published therein, then in a newspaper published in the parish in which the municipality is located, or if no newspaper is published in the parish then in a newspaper published in an adjoining parish. For a period of thirty days from the date of the publication any person in interest may contest the legality of the resolution and of the bonds to be issued pursuant thereto and the provisions securing the bonds. After the expiration of thirty days no one shall have any right of action to contest the validity of the bonds or the provisions of the resolution pursuant to which the bonds were issued, and all the bonds shall be conclusively presumed to be legal, and no court shall thereafter have authority to inquire into such matters.
Acts 1964, No. 520, §10. Amended by Acts 1972, No. 433, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1001. Part as full authority

RS 39:1001 - Part as full authority
This Part shall constitute full authority for the accomplishment of all acts herein authorized to be done. No other law restricting the carrying out of the acts authorized to be done shall be construed as applying to any proceedings had or acts done pursuant to this Part.
Acts 1964, No. 520, §11.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1002. Payments constitute statutory impositions

RS 39:1002 - Payments constitute statutory impositions
Payments in lieu of ad valorem tax, fees, and other charges to be paid by a lessee to a political subdivision, industrial development board, or a public trust whose property is exempt from ad valorem taxation pursuant to R.S. 9:2347(M), R.S. 39:996, R.S. 51:1160, or any other provision of law authorizing fees and charges to be imposed on a lessee, up to the amount that would be due if the property were owned by a private entity and subject to ad valorem tax, shall constitute statutory impositions within the meaning of R.S. 47:2128. Provided that the local tax collector is notified in writing of any required payment in lieu of ad valorem tax, the tax collector shall collect such payments. Additionally, upon notice in writing from the political subdivision, industrial development board, or public trust whose property is exempt from ad valorem taxation that fees and charges constituting statutory impositions have not been paid, the tax collector shall collect the monies owed and enforce payment in the same manner as for ad valorem taxes. A pledge of the payment of such amounts which constitute statutory impositions, if any, to secure obligations of an industrial development board or political subdivision, shall automatically be subject to a tax equivalent lien in the same manner as obligations payable from ad valorem taxes.
Acts 2010, No. 1042, §2, eff. July 8, 2010.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1031. Purposes, rules of construction

RS 39:1031 - Purposes, rules of construction
A. The purposes of this Part are to:
(1) Clarify and modernize the laws relating to the issuance of bonds by the city of New Orleans (the "City") and its agencies, boards, authorities, and commissions, except the Sewerage and Water Board of New Orleans, so as to enable the City and such entities to utilize advanced and creative techniques of public finance in the issuance of bonds.
(2) Standardize certain procedures with respect to the adoption and approval of proceedings relating to the issuance of bonds and the sale thereof.
(3) Make general state laws relating to the authorization, issuance and sale of bonds by political subdivisions of the state applicable to the City and certain of its agencies, boards, authorities, and commissions.
B. This Part shall be liberally construed so as to give effect to its intended purposes.
Acts 1985, No. 674, §1, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1032. Definitions

RS 39:1032 - Definitions
As used in this Part, the following terms shall have the following meanings:
(1) "Bonds" means and includes bonds, notes, certificates, or other written obligations for the repayment of borrowed money.
(2) "Board of Liquidation" means the Board of Liquidation, City Debt, of the city of New Orleans, Louisiana.
(3) "City" means the city of New Orleans, Louisiana.
(4) "Council" means the council of the city of New Orleans or its successor in function.
(5) "Majority of the members" or "majority of its members" or "two-thirds of the members", when used in connection with a vote by the respective members of the council, the Board of Liquidation, or the governing authority of any public entity, shall mean a majority or two-thirds of the members of the respective bodies holding office at the time such a vote is taken, as the case may be.
(6) "Public entities" means the Board of Liquidation, City Debt, and all of the agencies, boards, authorities, and commissions of the City (except the Sewerage and Water Board) collectively.
(7) "Public entity" means the Board of Liquidation, City Debt, and any agency, board, authority, or commission of the City except the Sewerage and Water Board.
(8) "State" means the state of Louisiana.
Acts 1985, No. 674, §2, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1033. General power to issue bonds

RS 39:1033 - General power to issue bonds
The city of New Orleans is hereby authorized to issue bonds in the manner and form and subject to the conditions and limitations hereinafter set forth.
Acts 1985, No. 674, §3, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1034.1. Limitation on increases in the millage rate and collection of resulting taxes for ad valorem taxes of the Board of Liquidation

RS 39:1034.1 - Limitation on increases in the millage rate and collection of resulting taxes for ad valorem taxes of the Board of Liquidation
Notwithstanding the provisions of R.S. 39:1034 and any other provisions of law to the contrary, due to the effects of Hurricane Katrina there shall be no increase in the millage rate on taxes levied nor shall any increase in taxes be collected from any such increase to pay principal and interest and redemption premiums for the year 2006 of any and all general obligation bonds issued by or through the Board of Liquidation, City Debt, for the city of New Orleans until seventy-five percent of any retained funds have been authorized and incorporated to be used by the Board of Liquidation for servicing and paying principal and interest and redemption premiums for the year 2006 of any and all general obligation bonds issued.
Acts 2005, 1st Ex. Sess., No. 55, §1, eff. Dec. 6, 2005.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1035. Manner of issuing bonds

RS 39:1035 - Manner of issuing bonds
All bonds shall be issued pursuant to a resolution which shall fix the details of the bonds, including their form, terms, security, manner of execution, repayment schedule, and redemption features. The Board of Liquidation shall adopt all resolutions issuing general obligation bonds and special or limited ad valorem tax supported bonds and any other resolutions providing for the issuance of bonds required by law to be adopted by it by affirmative vote of two-thirds of its members. Unless otherwise specifically provided by the law authorizing their issuance, the council shall adopt all other resolutions providing for the issuance of other bonds in the name of the City by the affirmative vote of two-thirds of its members.
Acts 1985, No. 674, §5, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1036. Interest rates

RS 39:1036 - Interest rates
Subject to the provisions of R.S. 39:1424, bonds of the City and public entities may be sold at the rate or rates set forth in the resolution or other instrument providing for their issuance. Such bonds may be issued at fixed, variable, or adjustable rates or may be noninterest bearing or in the form of capital accretion bonds.
Acts 1985, No. 674, §6, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1037. Sales of bonds

RS 39:1037 - Sales of bonds
Bonds may be sold at either public or private sale and may be sold at such price or prices as may be determined to be in the best interest of the issuer by the issuing body, which price may be at a discount from par. Bonds may be sold at private sale only if such sale is authorized by a vote of two-thirds of the members of the issuing body voting on the matter. For the purpose of this Section, the Board of Liquidation shall be considered to be the issuing body for only general obligation, limited or special ad valorem supported tax bonds, and sales tax bonds, and for no other bonds. Unless otherwise provided by law, the issuing body for all other types of bonds shall be the governing body of the entity in whose name the bonds are issued. If bonds are to be sold at public sale, a notice of the sale shall be published in accordance with the provisions of R.S. 39:1426 and shall be awarded to the best bidder therefor by the issuing body but the issuing body may reject any and all bids received. In the case of bonds sold by the Board of Liquidation on behalf of the City, the council through its clerk shall be notified of the results of any sale.
Acts 1985, No. 674, §7, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1038. Defeasance of bonds

RS 39:1038 - Defeasance of bonds
The provisions of Chapter 14 of Title 39 of the Louisiana Revised Statutes of 1950 shall be applicable to all bonds issued by the City and its public entities.
Acts 1985, No. 674, §8, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1039. Fully registered bonds

RS 39:1039 - Fully registered bonds
The provisions of Chapter 13-A of Title 39 shall be applicable to all bonds issued by the City and public entities.
Acts 1985, No. 674, §9, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1040. Credit enhancement devices

RS 39:1040 - Credit enhancement devices
The City and public entities may, in connection with the sale of bonds, use municipal bond insurance, bank guarantees, surety bonds, letters of credit, and other devices to enhance the credit quality of the bonds, the cost of which credit enhancement devices may be paid from the proceeds of the bonds or other lawfully available funds.
Acts 1985, No. 674, §10, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1041. Publication of resolutions; peremption

RS 39:1041 - Publication of resolutions; peremption
All resolutions authorizing the issuance of bonds of the City and public entities shall be published one time in the official journal of the City. It shall not be necessary to publish exhibits to such resolutions if the exhibits are made available for public inspection at reasonable times and that fact is stated in the publication. For a period of thirty days after the date of publication, any person in interest may contest the legality of the resolution and of any provision thereof made for the security and payment of bonds. After that time, no one shall have any cause or right of action to test the regularity, formality, legality, or effectiveness of said resolution and provisions thereof or of the bonds authorized thereby for any cause whatsoever. If no suit, action, or proceeding is begun contesting the validity of the bond issue within the thirty days herein prescribed, the authority to issue the bonds and to provide for the payment thereof, and the legality thereof and of all of the provisions of the resolution shall be conclusively presumed, and no court shall have authority to inquire into such matters.
Acts 1985, No. 674, §11, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1042. Negotiable instruments

RS 39:1042 - Negotiable instruments
Bonds issued under the authority of this Part shall have all the qualities of negotiable paper and shall constitute negotiable instruments under the negotiable instruments law of the state. They shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale thereof and shall be incontestable in the hands of bona fide purchasers or registered owners for value.
Acts 1985, No. 674, §12, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1043. Exemption from taxation; eligibility for investment

RS 39:1043 - Exemption from taxation; eligibility for investment
Bonds issued under the authority of this Part shall be exempt from all taxation for state, parish, municipal, or other purposes. The bonds shall be legal and authorized investments for banks, savings banks, insurance companies, homestead and building and loan associations, tutors of minors, curators of interdicts, trustees, and other fiduciaries. The bonds may be used for deposit with any officer, board, municipality, or other political subdivision of the state, in any case where, by present or future laws deposit or security is required.
Acts 1985, No. 674, §13, eff. July 16, 1985.
{{NOTE: SEE ACTS 1985, NO. 674, §§14 - 17.}}
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1101. Subdivisions; grant of power

RS 39:1101 - Subdivisions; grant of power
Parishes and municipal corporations, the city of New Orleans and parish of Orleans excepted, hereinafter referred to as political subdivisions of the state, may fund into bonds the avails or residue of their general alimony tax in the form and manner and subject to the limitations and restrictions contained in this Chapter.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1103. Parish purposes

RS 39:1103 - Parish purposes
After making provisions for the payment of all statutory and ordinary charges, the governing authority of any parish may fund into bonds of the parish the avails or residue of its general alimony tax for purposes of acquiring, constructing, and maintaining highways or buildings for the public use of the parish, and no other purpose.
Amended by Acts 1968, No. 99, §1; Acts 1975, No. 163, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1104. Municipal purposes

RS 39:1104 - Municipal purposes
The governing authority of any municipal corporation, including any city, town, or village, after making provisions for the payment of all statutory and ordinary charges, may fund into bonds of the municipal corporation the avails or residue of its general alimony tax for purposes of paving, improving, and maintaining streets or alleys, and for all municipal improvements, namely, constructing bridges; purchasing or constructing waterworks, sewers, drains, lighting and power plants, artificial ice and refrigerating plants; public parks; school houses; teachers' homes, and improvements, but for no other purpose.
Amended by Acts 1975, No. 163, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1105. Resolution and notice of intention

RS 39:1105 - Resolution and notice of intention
No bonds shall be issued hereunder until the notice hereafter provided has been given. The notice shall be ordered by resolution, which shall state the purpose for which the bonds are to be issued, the amount of the bond issue proposed and the rate of interest. The notice shall embrace, substantially, all matters required to be set forth in the resolution ordering the giving of the notice, and it shall set forth further that the authority ordering the giving of the notice will, in open session, at the hour and place named, proceed to issue the bonds. The notice shall be published in a newspaper published in the political subdivision, or if there is no newspaper published therein, in a newspaper published in the parish; or if there is no newspaper published in the parish, then by publication in a newspaper published in an adjoining parish and by posting in three public places in the political subdivision ordering the giving of the notice. The three publications in a newspaper once a week shall constitute a publication of fifteen days, provided fifteen days intervene between the date of the first publication and the date of the issuance of the bonds.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1106. Sworn statement of charges and revenues

RS 39:1106 - Sworn statement of charges and revenues
The governing authority of the political subdivision shall meet in open session on the date and at the time and place designated in the notice. It shall spread upon its minutes an itemized statement of its statutory and ordinary charges for the current year, and all of its obligations, contractual or otherwise, omitting therefrom any debt secured by special taxes, and none other. The statement shall be in writing and the correctness thereof shall be sworn to by the financial officer of the political subdivision, and, after inspection and consideration, the statement shall be approved by the members of the governing authority of the political subdivision present at the meeting.
The governing authority shall likewise spread upon its minutes an itemized statement of its current revenues which show the yearly amount of taxes to be realized, which statement shall be based upon the assessed valuation of the taxable property of the political subdivision, ascertained by the last assessment for parish or municipal purposes previous to issuing the bonds, and also such other available sources of revenue reasonably certain of collection legally. The statement shall also be in writing and the correctness thereof shall be sworn to by the financial officer of the political subdivision, and after inspection and consideration, shall be approved by the members of the governing authority of the political subdivision present at the meeting.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1107. Taxes required for expenses, charges and other obligations

RS 39:1107 - Taxes required for expenses, charges and other obligations
The governing authority shall thereupon determine the number of mills and fractions thereof, which will be required to provide for the payment of all statutory and ordinary charges and all other obligations, contractual or otherwise of the subdivisions, omitting therefrom any debt secured by special taxes, and none other.
This computation shall be based upon the assessed valuation of the taxable property of the political subdivision and it shall be ascertained by reference to the last assessment for parish or municipal purposes previous to issuing the bonds.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1108. Remainder available to fund into bonds

RS 39:1108 - Remainder available to fund into bonds
The number of mills and fractions ascertained in the manner herein provided shall be deducted from the general alimony tax now or hereafter authorized to be levied by the political subdivision by the constitution of this state, and the remainder shall be available to be funded into bonds.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1109. Issuing bonds; resolution

RS 39:1109 - Issuing bonds; resolution
After the avails or residue of the general alimony tax of the political subdivisions have been determined as herein provided, the governing authority of the subdivision shall, by resolution, irrevocably pledge and dedicate such residue, reduce to mills or fractions, to the payment of the principal and interest of the bonds authorized and issued.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1110. Pledge and dedication of tax irrepealable and irrevocable

RS 39:1110 - Pledge and dedication of tax irrepealable and irrevocable
The pledge and dedication of the tax shall be irrepealable and irrevocable by any authority whatsoever until the bonds have been paid in principal and interest.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1111. Promulgation of resolution; registry and registration

RS 39:1111 - Promulgation of resolution; registry and registration
A certified copy of the resolution issuing the bonds and pledging and dedicating the avails and residue of the general alimony tax, shall be registered with the secretary of state and recorded in the mortgage records of the parish. The resolution shall also be published in one issue of a newspaper published in the political subdivision, or if there is no newspaper published therein, in a newspaper published in the parish; or, if there is no newspaper published in the parish, then by publication in a newspaper published in an adjoining parish and by posting in three public places in the political subdivision issuing the bonds.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1113. Form of bond; signing

RS 39:1113 - Form of bond; signing
The governing authority issuing the bonds shall, by resolution, fix the form and terms of the bonds and the rate of interest, payable annually or semi-annually, within the maximum rate prescribed hereby. The bonds shall be payable in such medium and at such place or places within or without the state as may be fixed by resolution. All bonds shall be signed by the president or chief executive officer, and the secretary or clerk of the subdivision or governing authority, under the seal of the subdivision and the coupons shall be signed by the facsimile signatures of the officers. The delivery of any bonds or coupons so executed at any time thereafter shall be valid, although before date of delivery the person signing the bonds or coupons shall cease to hold office.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1114. Resolution prescribing terms; maturity

RS 39:1114 - Resolution prescribing terms; maturity
The governing authority issuing the bonds shall, by resolution, fix the time within the maximum period prescribed, when the bonds shall become payable. The bonds shall be payable in annual installments and the amount payable in each year shall be so fixed that, when the annual interest is added to the principal amount to be paid, the total amount payable in each year shall be as nearly equal as practicable. It shall be an immaterial variance if the difference between the largest and smallest amounts of principal and interest, payable annually during the term of the bonds, does not exceed five per cent of the total authorized issue.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1115. Registration as to principal only

RS 39:1115 - Registration as to principal only
Bonds issued may be either registered or coupon bonds. Coupon bonds may be registered as to principal in the holder's name on the books of the financial officer of the subdivision after the registration has been noted upon the bonds by the financial officer, no transfer shall be valid unless made on the financial officer's books by the registered holder, and similarly noted on the books. Bonds registered as to principal may be discharged from registration by being transferred to the bearer, after which they shall be transferable by delivery, but may be again registered as to principal as before. The registration of the bonds as to principal shall not restrain the negotiability of the coupons by delivery.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1116. Registration as to interest

RS 39:1116 - Registration as to interest
Coupon bonds issued by any municipal corporation having a population of twenty thousand inhabitants, according to the last federal census, may also be registered as to interest, and the bonds surrendered and interest made payable only to the registered holder of the bonds. For that purpose the financial officer of the parish or municipal corporation shall detach and cancel the coupon and shall endorse a statement on the bonds that the coupon sheet issued therewith has been surrendered by the holder and the coupons cancelled by him; that annual or semi-annual interest shall thereafter be paid to the registered holder, or order by draft, check, or warrant drawn payable at the place of payment specified in the bond. Bonds registered under this Section may, with the consent of the municipal corporation or parish and the holders of the bonds, be reverted into coupon bonds at the expense of the holders, and again converted into registered bonds from time to time as the governing authority of the municipal corporation or parish and the holders of the bonds may determine. The parishes and municipal corporations are authorized to pass all resolutions and ordinances necessary to give effect to these provisions.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1117. Recital of regularity

RS 39:1117 - Recital of regularity
Before bonds of any subdivision are issued, the governing authority shall investigate and determine the regularity of the proceedings. The resolution authorizing the bonds may direct that they contain the following recital:
"It is certified that this bond is authorized by and is issued in conformity with the requirements of the constitution and statutes of this state."
The recital shall be deemed to be an authorized declaration of the governing authority of the subdivision and to import that there is constitutional and statutory authority for issuing the bonds; that all the proceedings therefor are regular, that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of the bonds have existed, have happened and have been performed in due time, form and manner as required by law; that the amount of the bonds, together with all other indebtedness, does not exceed any limit or limits prescribed by the constitution and statutes of this state; that the required notice has been duly and regularly given by publication or posting in the manner required by law; and that the sworn itemized statements of revenues and all statutory and ordinary charges and other obligations have been duly and regularly made. If any bonds are issued containing the above recital, construed according to the import hereby declared, it shall be conclusively presumed that the recital is true and neither the subdivision nor any taxpayer thereof shall be permitted to question the validity or regularity of the obligation in any court or in action or proceeding.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1118. Registration by Secretary of State

RS 39:1118 - Registration by Secretary of State
After the time within which the validity of the bonds may be contested has elapsed, that is, sixty days from the date of promulgation of the resolution issuing the bonds and pledging and dedicating the avails or residue of the general alimony tax, bonds issued by any subdivision hereunder shall be registered by the Secretary of State without charge and shall have endorsed thereon the words:
"Incontestable. Secured by tax of _____ mills on the dollar of valuation of all the taxable property in the _________________ of ___________________ Louisiana. Registered this _____ day of _____________, 20____.
___________________________
Secretary of State."
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1119. Setting aside of taxes

RS 39:1119 - Setting aside of taxes
The governing authority of any political subdivision issuing bonds hereunder, shall set aside in a separate fund each year during the life of the bonds and until such bonds shall have been paid in full in principal and interest, the proceeds from the collection of the tax pledged and dedicated to the payment of the principal and interest of the bonds authorized and issued. Should any subdivision neglect or fail, for any reason, to thus set aside the proceeds from the collection of the tax, any person in interest may enforce the setting aside thereof in any court having jurisdiction of the subject matter, and any suit, action or proceeding brought by such person in interest, shall be a preferred cause and shall be heard and disposed of without delay.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1120. Sale

RS 39:1120 - Sale
All bonds issued hereunder shall be advertised for sale on sealed bids, which advertisement shall be published at least once a week for three weeks, the first publication to be made at last fifteen days preceding the date fixed for the reception of bids. Publication shall be made in the official journal of the parish or of the municipal corporation.
The governing authority may reject any and all bids. If the bonds are not sold pursuant to the advertisement, they may be sold by the governing authority by private sale within sixty days after the date advertised for the reception of sealed bids at a price not less than the highest bid received at the public offering. If not so sold, the bonds shall be re-advertised in the manner herein prescribed.
Amended by Acts 1968, No. 68, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1121. No sale less than par; application of premium

RS 39:1121 - No sale less than par; application of premium
No bonds shall be sold for less than their par value and accrued interest, but the bidder for the bonds in his bid may stipulate that the proceeds of the bonds shall be deposited in some designated bank to act as fiscal agent of the subdivision, at a rate of interest to be specified in the bid. The depository so designated must be a bank located in the State of Louisiana, which shall give security to the amount and in the manner required of fiscal agents and depositories of parishes, municipalities and public boards under the laws of Louisiana. If any premium is received, it shall be applied in the payment of the principal or interest of the bonds.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1122. Saving clause; pending proceedings

RS 39:1122 - Saving clause; pending proceedings
Nothing contained in this Chapter shall affect any proceeding heretofore begun by the governing authority of any subdivision to issue bonds under the authority of the constitution of 1913, or of this constitution and any statute heretofore in force in this state. The proceedings may be completed under this Chapter so far as it can be made applicable thereto.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1124. No other statute applicable

RS 39:1124 - No other statute applicable
This Chapter shall, without reference to any act of the legislature of Louisiana, be full authority for the issuance and sale of the bonds in this Chapter authorized. No ordinance, resolution or proceeding in respect to the issuance of any bonds hereunder shall be necessary, except such as required by this Chapter. No promulgation or publication of any resolution, ordinance or proceeding relating to the issuance of these bonds shall be necessary, except such as is required by this Chapter. Any publication prescribed hereby may be made in any newspaper conforming to the terms of this Chapter without regard to designation thereof as the official journal of the subdivision.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1125. Bonds negotiable

RS 39:1125 - Bonds negotiable
Bonds issued hereunder shall have all the qualities of negotiable paper and shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale thereof and shall be incontestable in the hands of bona fide purchasers or holders for value.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1126. Contesting; time limited

RS 39:1126 - Contesting; time limited
For a period of sixty days from the date of the promulgation of the resolution issuing the bonds and pledging and dedicating the tax therefor, any person in interest may contest the legality of the bond issue provided for or the tax pledged and dedicated, for any cause; after which time no one shall have any cause or right of action to contest the legality, formality or regularity of the proceedings, tax provision or bond authorization, for any cause whatsoever. If the validity of any proceedings, tax provision or bond authorization, provided for under the provisions of this Chapter, are not raised within the sixty days, the authority to issue the bonds, the regularity thereof, and the taxes pledged and dedicated to provide for the payment of the principal and interest, shall be conclusively presumed and no court may inquire into such matters. If any resolution is adopted or proceedings had more than thirty days after the promulgation of the ordinance issuing the bonds and pledging and dedicating the tax, no contest, action or proceeding to question the validity or legality of the resolution or proceeding so adopted, shall be begun in any court by any person for any cause whatsoever after the expiration of thirty days from the date wherein the resolution was adopted or proceedings had.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1128. Penalty for violations

RS 39:1128 - Penalty for violations
Any willful failure or neglect to comply with the requirements of this Chapter, or its willful violation by any officer, agent or employee of any subdivision herein defined, shall be punished by a fine of not less than twenty five dollars, or not more than five hundred dollars, or by imprisonment not exceeding one year, with or without hard labor, or by both fine and imprisonment.