§ 34:2027 — Prescriptive period; sale of bonds

Louisiana § 34:2027

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

A. For a period of thirty days from the date of the adoption of any resolution of the commission authorizing the issuance of its bonds or notes, any interested person may test the legality of said resolution and the validity of said bonds or notes issued or proposed to be issued thereunder, after which time no one shall have any right or 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 debt represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of thirty days.
B. Any general obligation 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 at least once a week for not less than thirty days by the commission in New Orleans, Chicago, New York, and such other places as the commission may determine, reserving to the commission the right to reject any and all bids and the right to readvertise for new bids. If, after 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, then and only in that event the commission may publicly negotiate for the sale of such bonds.
C. Any type of bonds issued by the district, other than general obligation bonds, may be sold at public or private sale, through solicitation of bids, negotiation, or any other means set forth in the resolution authorizing such sale.

Legislative History

Acts 1990, No. 710, §1; Acts 2003, No. 887, §1.