Louisiana Revised Statutes 39:1447 – Security for refunding bonds
Terms Used In Louisiana Revised Statutes 39:1447
- Issuer: means the public entity issuing refunding bonds. See Louisiana Revised Statutes 39:1444
- Limited tax bonds: means bonds payable from any taxes other than unlimited ad valorem taxes. See Louisiana Revised Statutes 39:1444
- 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.
- Refunding bonds: means any securities issued to refund outstanding securities. See Louisiana Revised Statutes 39:1444
- 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. See Louisiana Revised Statutes 39:1444
- Securities: means bonds, notes, certificates, or other written obligations for the repayment of borrowed money. See Louisiana Revised Statutes 39:1444
A. The refunding bonds issued to refund outstanding revenue bonds or limited tax bonds may be secured in the same manner as the securities being refunded or may be secured in such other manner as may be prescribed by the governing body of the issuer; provided, however, if such refunding bonds are to be secured by the full faith and credit of the issuer, they must be authorized at an election held by the issuer in accordance with the requirements of the constitution and laws of Louisiana pertaining to elections for the issuance of general obligation bonds.
B. Any general obligation refunding bonds issued to refund outstanding general obligation securities shall be authorized in accordance with Article VI, Section 33(A) of thethe Louisiana Constitution of 1974 and, subject to the provisions thereof, shall be issued in accordance with the provisions of this Chapter.
Acts 1984, No. 352, §1, eff. July 2, 1984.