§ 34:335.5 — Testing validity of bonds; prescription; sale of bonds

Louisiana § 34:335.5

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

A. For a period of thirty days after the date of the adoption of any resolution of the board of commissioners authorizing the issuance of its bonds or notes, any person interested may test the legality of the resolution, after which time no one shall have any cause of action to contest the regularity, formality, or legality of the resolution or to draw in question the legality 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 the matters after the lapse of thirty days.
B. Any bonds issued in accordance with the provisions of this Part shall be sold to the highest bidder, at a public sale, for not less than par and accrued interest, after advertisement once a week for not less than thirty days by the board of commissioners in the manner prescribed by Title 39, Section 1426 of the Louisiana Revised Statutes of 1950 as amended. If, after advertisement as hereinabove provided, no bids are received or if the bids as received are considered in the discretion of the board of commissioners to be unsatisfactory, the board may publicly negotiate for the sale of the bonds.
C. The provisions of this Part shall not be deemed to supersede the requirements of R.S. 39:501 through 514.* Notwithstanding any provisions of this Part to the contrary, the provisions of R.S. 39:1421 through 1429 shall be applicable to the Alexandria Regional Port.
*Repealed by Acts 1977, No. 545, §1.

Legislative History

Acts 1987, No. 440, §1; Acts 1992, No. 770, §1.