Louisiana Revised Statutes 39:1462 – Refunding bonds authorized
Terms Used In Louisiana Revised Statutes 39:1462
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Outstanding bonds: means all or any one or more of the following bonds issued directly by the state or by any state board, agency, or commission which may be outstanding at any time:
(a) General obligation bonds which are secured by the full faith and credit of the state, which may or may not be payable from the Bond Security and Redemption Fund, including those bonds which are payable primarily from specified portions of specific taxes or other dedicated revenues. See Louisiana Revised Statutes 39:1461
- Refund: means the act of refunding, including readjusting, extending, and unifying outstanding bonds or issues of bonds. See Louisiana Revised Statutes 39:1461
The State Bond Commission is hereby authorized to issue refunding bonds, hereinafter referred to as “refunding bonds”, for the purpose of providing funds to refund outstanding bonds of the state including, but not by way of limitation, amounts required for principal, interest to the maturity or redemption date, and call premium. If the refunding bonds carry an effective interest rate lower than that borne by the bonds being refunded and result in a net savings to the state after payment of all associated costs, there shall be no limit as to the amount of bonds that may be refunded by the issuance of refunding bonds pursuant to the authority of this Section.
Added by Acts 1978, No. 382, §1, eff. July 12, 1978; Acts 1986, No. 1048, §1, eff. Aug. 30, 1986; Acts 1986, 1st Ex. Sess., No. 1, §1, eff. Dec. 16, 1986.