Louisiana Revised Statutes 39:997 – Approval by State Bond Commission; validation; interest rates
Terms Used In Louisiana Revised Statutes 39:997
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
A. Before incurring debt and issuing bonds to carry out any plans to encourage the location of or additions to an industrial enterprise, the State Bond Commission or its successor in function, shall certify its approval of any proposed contract between the municipality and the industrial enterprise to be aided, encouraged, or benefitted. The maximum interest rate at which bonds may be issued under this Part shall not exceed the maximum rate for conventional interest fixed by La. Rev. Stat. 9:3500 et seq.
B. All bonds heretofore issued under the provisions of this part are hereby validated, ratified and confirmed and declared to be valid and binding obligations of the municipal corporation in accordance with the terms of their issuance in spite of any one or more irregularities which may have occurred in the passage of this Part or question which might be raised as to the constitutionality of any procedural provision of this Part. All proceedings heretofore had in connection with the issuance of such bonds are hereby ratified, validated and confirmed.
Acts 1964, No. 520 §7. Amended by Acts 1968, No. 649, §2; Acts 1970, No. 324, §1, emerg. eff. July 13, 1970, at 2:05 P.M.; Acts 1972, No. 433, §1; Acts 2014, No. 549, §1, eff. July 1, 2014.