Louisiana Revised Statutes 48:1263 – Pledge not to restrict certain rights of authority
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Terms Used In Louisiana Revised Statutes 48:1263
- Authority: shall mean the Department of Transportation and Development. See Louisiana Revised Statutes 48:1253
- Revenues: shall mean all tolls, charges, rentals, gifts, grants, moneys, and all other funds coming into the possession or under the control of the authority by virtue of the provisions hereof, except the proceeds from the sale of bonds issued under this Chapter. See Louisiana Revised Statutes 48:1253
The state of Louisiana does pledge to and agree with the holders of the bonds issued pursuant to this Chapter, that the state will not limit or restrict the rights hereby vested in the authority to construct, reconstruct, maintain and operate any project as defined in this Chapter or to establish and collect such tolls or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of maintenance and operation thereof and to fulfill the terms of any agreements made with the holders of bonds authorized by this Chapter or in any way impair the rights or remedies of the holders of such bonds until the bonds, together with interest thereon, are fully paid and discharged.
Acts 1954, No. 232, §13.