§ 38:457 — Issuance from time to time; differences in date, maturity or interest

Louisiana § 38:457

• Jurisdiction: Louisiana
• Title 38: Public Contracts, Works and Improvements

Text

It is the intent of this Subpart that the boards of commissioners may issue bonds under the provisions of this Subpart for the purpose of paying, refunding, or refinancing the principal and interest of any valid outstanding bonds, notes, or certificates of indebtedness heretofore or hereafter issued by any levee districts or levee and drainage districts for lawful purposes, and the boards of commissioners may issue bonds hereunder from time to time and in the amounts which the board may deem necessary or expedient subject only to the limitations of this Subpart. The provisions of this Subpart shall not be construed to require that all of the bonds authorized hereunder shall bear the same date, date of maturity, or rate of interest. Except as provided in R.S. 38:453, 38:454, and 38:455, all bonds authorized to be issued under the provisions of this Subpart regardless of variance of date, dates of maturity, rates of interest, or the respective dates of delivery shall rank on a parity in the distribution and application of the taxes and other revenues of the district.

Legislative History

Acts 1985, No. 785, §1, eff. July 22, 1985.