§ 38:493 — Payment of interest

For the purpose of paying the interest of the bonds, the levee board or levee and drainage board shall levy annually to an amount sufficient for that purpose the taxes and local contributions which levee boards and levee and drainage boards are authorized and empowered to levy or which they may hereafter be authorized to levy. From the first money realized from the taxes and local contribution, the state treasurer shall set apart annually the amount necessary to pay the interest and the money thus set apart shall not be diverted to any other purpose. The auditor in issuing his warrant for the payment of any interest coupons shall punch twice in the center each and every coupon so paid and shall paste the coupon so punched in a book or register to be kept by him for that purpose. Whenever the state shall have a fiscal agency in the city of New Orleans, the board of commissioners shall make the necessary arrangements through the state treasurer to have the interest paid at the New Orleans agency.

Legislative History

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