§ 33:4545.13 — Bonds of the Authority

Louisiana § 33:4545.13

• Jurisdiction: Louisiana
• Title 33: Municipalities and Parishes

Text

The Authority may issue from time to time its bonds in such principal amounts as the Authority shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to payment of all or any part of the cost of a project or projects. The principal of, redemption premium, if any, and interest on such bonds shall be payable solely from, and may be secured by a pledge of and lien upon, the revenues, or any portion thereof, derived or to be derived by the Authority from one or more of its projects, or contributions or advances from any participating municipality, or moneys derived from any source, as the Authority shall determine. Bonds of the Authority shall be authorized by a resolution adopted by its board of directors and spread upon its minutes. The bonds of each issue shall be dated, shall bear a maximum rate of interest as provided by statutes affecting revenue bonds issued by municipalities, shall mature at such time or times not exceeding fifty years from their date or dates, shall have such rank or priority and may be made redeemable before maturity at the option of the Authority, at such price or prices and under such terms and conditions, all as may be determined by the Authority. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The Authority may sell such bonds in such manner, either at public or at private sale, and for such price, as it may determine to be for the best interest of the Authority and the governmental units to be served thereby.
The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law and bonds may be issued without obtaining the consent of the state or any political subdivision, or of any agency, commission or instrumentality of either thereof, except that the issuance of such bonds shall be subject to the approval of the State Bond Commission, and without any other approvals, proceedings or the happening of any conditions or things other than those approvals, proceedings, conditions or things which are specifically required by this Chapter, and the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.
The bonds shall be issued substantially in compliance with the procedure established by this Chapter and Sub-Part C, Part I, Chapter 10, Title 33 of the Louisiana Revised Statutes of 1950, but without the necessity for holding an election or referendum on the issuance of the bonds. No bonds shall be issued until a contract or contracts have been executed and delivered in compliance with Section 4545.9 of this Chapter and the required public hearing and/or election in connection therewith have been duly complied with.
For a period of thirty (30) days from the date of publication of the resolution authorizing the issuance of bonds hereunder, any persons in interest shall have the right to contest the legality of the resolution and the legality of the bond issue for any cause after which time no one shall have any cause or right of action to contest the legality of said resolution or of the bonds authorized thereby for any cause whatsoever. If no suit, action or proceeding is begun contesting the validity of the bond issue within the thirty days herein prescribed, the authority to issue the bonds and to provide for the payment thereof, and the legality thereof and all of the provisions of the resolution authorizing the issuance of the bonds shall be conclusively presumed, and no court shall have authority to inquire into such matters.

Legislative History

Added by Acts 1979, No. 772, §1, eff. July 20, 1979.