Louisiana Revised Statutes 38:459 – Repeal or modification of statute to detriment of bonds
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Terms Used In Louisiana Revised Statutes 38:459
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
This Subpart and all other statutes authorizing levee districts and levee and drainage districts in the state to levy and collect taxes and local contributions or to issue bonds shall not be repealed or modified to the detriment of the bonds authorized by this Subpart, and it is hereby declared that this obligation not to repeal or modify these laws shall be binding upon the state and shall be and form a part of the contract evidenced by the bonds.
Acts 1985, No. 785, §1, eff. July 22, 1985.