§ 39:466.12 — Bonds

Louisiana § 39:466.12

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§466.12. Bonds
A. To provide said funds for such capital outlay, the State Bond
Commission is authorized to borrow money and issue and sell bonds and other
obligations of the state of Louisiana subject to the first paragraph of Article
IV, Section 2 of the Constitution of Louisiana.
B. Said bonds or other obligations shall be general obligations of the
state of Louisiana to the payment of which, as to principal, premium, if any,
and interest, as and when the same become due and payable, the full faith and
credit of the state shall be and hereby is irrevocably pledged. The bonds shall
be secured by moneys pledged and dedicated to and paid into the Bond
Security and Redemption Fund and shall be payable on a parity with bonds or
other obligations heretofore and hereafter issued which are secured by said
fund.
C. The bonds or other obligations shall be issued from time to time and
shall be in such series and form and for such term, not exceeding thirty years,
and shall bear such rate or rates of interest as shall be determined by the State
Bond Commission and otherwise shall be issued in accordance with the
provisions of R.S. 39:1361 through 1366 and 1401 through 1406.
D. The proceeds from the bonds shall be deposited in the Capital
Improvement Bond Fund and shall be disbursed by the state treasurer to the
Capital Construction and Improvement Commission at such time or times as
required by said commission for the construction by said commission of
buildings, structures, and other facilities comprising the capital outlay program
of the Louisiana State School for the Deaf to be located in East Baton Rouge
Parish and the furnishings and equipment therefor.

Legislative History

Added by Acts 1970, No. 68, §2.