Louisiana Revised Statutes 39:1034.1 – Limitation on increases in the millage rate and collection of resulting taxes for ad valorem taxes of the Board of Liquidation
Terms Used In Louisiana Revised Statutes 39:1034.1
- Board of Liquidation: means the Board of Liquidation, City Debt, of the city of New Orleans, Louisiana. See Louisiana Revised Statutes 39:1032
- Bonds: means and includes bonds, notes, certificates, or other written obligations for the repayment of borrowed money. See Louisiana Revised Statutes 39:1032
- City: means the city of New Orleans, Louisiana. See Louisiana Revised Statutes 39:1032
- 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.
Notwithstanding the provisions of La. Rev. Stat. 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.