§ 34:1867 — Testing validity of bonds; prescription; sale of bonds

Louisiana § 34:1867

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

A. For a period of sixty days after the date of the adoption of any resolution of the commission authorizing the issuance of its bonds or notes, any person interested may test the legality of such resolution and the validity of such bonds or notes issued or proposed to be issued thereunder, after which time no one shall have any cause of action to contest the regularity, formality, or legality of said resolution or to draw in question the legality of said bonds or notes or the debts represented thereby for any cause whatever. Thereafter, it shall be conclusively presumed that every legal requirement has been complied with, and no court may inquire into such matters after the lapse of the sixty days.
B. Any bonds issued in accordance with the provisions hereof shall be sold to the highest bidder, at a public sale, for not less than par and accrued interest, after advertisement for bids once a week for not less than thirty days by the commission in a newspaper of general circulation published in Baton Rouge, Louisiana; New Orleans, Louisiana; Chicago, Illinois; New York, New York; and such other places as the commission determines, reserving to the commission the right to reject any and all bids and the right to readvertise for new bids. If, after the advertisement as hereinabove provided, no bids are received or if such bids as are received are considered, in the discretion of the commission, to be unsatisfactory, the commission may publicly negotiate for the sale of such bonds.
C. Notwithstanding any provision of this Chapter to the contrary, the provisions of Chapter 13 of Title 39 of the Louisiana Revised Statutes of 1950 shall be applicable to the Vidalia Port Commission.

Legislative History

Acts 1998, 1st Ex. Sess., No. 67, §1.