§ 39:507 — Validity of bonds; recital of regularity

Louisiana § 39:507

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§507. Validity of bonds; recital of regularity
A. Before bonds are issued under this Part, the governing authority shall investigate
and determine the regularity of the proceedings. The proceedings authorizing the bonds may
direct that the bonds contain the following recital:
"It is certified that this indebtedness is authorized by and is issued in
conformity with the requirements of the constitution and statutes of
Louisiana."
B. Such recital shall be deemed to be an authorized declaration of the governing
authority and to import that there is constitutional and statutory authority for issuing the
bonds and imposing the pledged tax or providing for the collection of the pledged revenues;
that all the proceedings therefor are regular; that all acts, conditions, and things required to
exist, happen and be performed precedent to and in the issuance of the bonds and imposition
of any pledged tax or providing for the collection of the pledged revenues have existed, have
happened and have been performed in due time, form, and manner as required by law; that
the amount of the bonds, together with all other indebtedness of the governmental entity does
not exceed any limit or limits prescribed by the constitution or statutes of Louisiana; and that
the required notices have been duly and regularly given in the manner required by law. If any
bonds are issued containing the above recital, the same shall be construed according to the
import herein declared, and it shall be conclusively presumed that the recital is true, and
neither the governing authority nor any taxpayer shall be permitted to question the validity
or regularity of the bonds, obligations, or tax in any court or in any action or proceeding.

Legislative History

Acts 2018, No. 569, §1, eff. July 1, 2018.