§ 48:1264 — Expressway revenue bonds

The authority is hereby authorized to provide for the issuance at one time or from time to time, of expressway revenue bonds of the authority for the purpose of paying all or any part of the cost of any one or more expressway projects. The principal of and the interest on such bonds shall be payable solely from the funds herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding five per centum (5%) per annum, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the authority, and may be made redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and place or places of payment of principal and interest, which may be at any bank or trust company within or without the state. The bonds shall be signed by the chairman of the authority or shall bear his facsimile signature, and the official seal of the authority or a facsimile thereof shall be impressed or imprinted thereon and attested by an authorized officer of the authority, and any coupons attached thereto shall bear the facsimile signature of the chairman of the authority. In case any officer or employee whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer or employee before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office or employed until such delivery. All bonds issued under the provisions of this Chapter shall have and are hereby declared to have all of the qualities and incidents of negotiable instruments under the negotiable instruments law of the state of Louisiana. The bonds may be issued in coupon or in registered form, or both, as the authority may determine, and provision may be made for the registration of any coupon bonds as to principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The authority may sell such bonds in such manner and for such price as it may determine will best effect the purposes of this Chapter, provided, however, if said bonds are sold for less than par, the total amount of the discount shall be added to the total amount of interest to be paid over the life of the certificates at the rate of interest at which said certificates are to be sold and the total thereof shall be considered as interest and the interest actually to be paid by virtue of any discount shall then be computed and said bonds shall not be sold if the interest to be paid plus the discount exceeds five per centum (5%).
The proceeds of the bonds of each issue shall be used solely for the payment of the cost of the expressway project or projects for which such bonds shall have been issued (subject to the power to invest and reinvest trust funds as provided by R.S. 48:1267), and shall be disbursed and used as provided by this Chapter and in such manner and under such restrictions, if any, as the authority may provide in the resolution authorizing the issuance of such bonds or in trust agreement hereinafter mentioned securing the same.
If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued.
Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.

Legislative History

Acts 1954, No. 232, §14.