Louisiana Revised Statutes 39:1456 – General obligation bond debt limitations; advance refunding
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 39:1456
- 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
The debt limitation for general obligation bonds issued by any political subdivision in order to advance refund its outstanding debt obligations is hereby established at an amount not greater than one hundred ten percent of the debt limitation otherwise established by law, provided that the term of the debt refunded shall not be extended and the principal and interest payments on the refunding bonds is less in each calendar year than the principal and interest in such calendar year on the outstanding debt being refunded.
Acts 1991, No. 178, §1, eff. July 2, 1991.