Louisiana § 33:4054 Effect of consolidation on rights of bond holders; assumption of

Louisiana Statutes

§ 33:4054 — Effect of consolidation on rights of bond holders; assumption of

Louisiana·Title 33 Municipalities and Parishes

§4054. Effect of consolidation on rights of bond holders; assumption of
indebtedness; consolidation of districts existing prior to August 1,
1956; purposes of consolidated district
The creation of any consolidated sewerage district under this Sub-part
shall not affect or impair in any manner contract rights enjoyed by the holders
of any outstanding bonds of the underlying districts and to the extent required
by such contract rights, taxes, special assessments and service charges on the
property subject to the payment of principal of and interest on such bonds shall
continue to be levied as above provided, provided, however, that any
consolidated sewerage district may assume all indebtedness of its underlying
districts in the manner and with the effect provided by R.S. 39:661, et seq. for
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§4054. Effect of consolidation on rights of bond holders; assumption of
indebtedness; consolidation of districts existing prior to August 1,
1956; purposes of consolidated district
The creation of any consolidated sewerage district under this Sub-part
shall not affect or impair in any manner contract rights enjoyed by the holders
of any outstanding bonds of the underlying districts and to the extent required
by such contract rights, taxes, special assessments and service charges on the
property subject to the payment of principal of and interest on such bonds shall
continue to be levied as above provided, provided, however, that any
consolidated sewerage district may assume all indebtedness of its underlying
districts in the manner and with the effect provided by R.S. 39:661, et seq. for
the assumption of indebtedness by parishes. In the event indebtedness is so
assumed, taxes for the payment thereof shall be levied by the governing
authority on all taxable property in the consolidated district. Where the
sewerage districts consolidated into any consolidated district under this Sub-part have been in existence prior to August 1, 1956, the creation of the
consolidated district will be solely for the purpose of continuing the sewer
improvement programs for which the districts so consolidated were originally
created and the provisions of R.S. 39:253 shall be regarded as applicable in all
respects to all taxes levied by any such consolidated district and such district
shall be considered to be a district created prior to August 1, 1956, for all
purposes of said section.
For the purpose of this Sub-part, any sewerage district which may have
been theretofore created in any parish and which does not at the time of
consolidation have outstanding any indebtedness or unexpired special taxes
may be considered by the governing authority to be an existing district for
purposes of consolidation or such district may be abolished by the governing
authority and the territory therein contained regarded as unorganized territory
for sewerage purposes.
NOTE: Former R.S. 39:253 was repealed by Act No. 10 of the 1972
Extraordinary Session.

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