§ 33:4545.14 — Interim receipts and temporary bonds; mutilated, lost and destroyed bonds

Louisiana § 33:4545.14

• Jurisdiction: Louisiana
• Title 33: Municipalities and Parishes

Text

Prior to the preparation of definitive bonds, the Authority may issue interim receipts of temporary bonds with or without coupon, exchangeable for definitive bonds when such bonds have been executed and are available for delivery.
Should any bond issued under this Chapter become mutilated or be lost or destroyed, the Authority may cause a new bond of like date, number and tenor to be executed and delivered in exchange and substitution for, and upon the cancellation of such mutilated bond and its interest coupons, or in lieu of and in substitution for such lost or destroyed bond and its unmatured interest coupons. Such new bond or coupon shall not be executed or delivered until the holder of the mutilated, lost or destroyed bond has (i) paid the reasonable expense and charges in connection therewith and (ii) in the case of a lost or destroyed bond, has filed with the Authority or its fiduciary evidence satisfactory to the Authority or its fiduciary that such bond was lost or destroyed and that the holder was the owner thereof and (iii) has furnished indemnity satisfactory to the Authority.

Legislative History

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