La. Rev. Stat. § 38:503
Ordinances and resolutions to be adopted; redemption prior to maturity
Louisiana · Louisiana Revised Statutes Title 38 — Public Contracts, Works and Improvements · Status: effective
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- Citation
- La. Rev. Stat. § 38:503, Ordinances and resolutions to be adopted; redemption prior to maturity, Louisiana, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2723251
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Full text
A. The levee board or levee and drainage board shall, through their respective governing bodies before the issuance of bonds under this Subpart, and in contemplation of the issuance, in each case, pass and adopt an ordinance or resolution setting forth substantially the denomination, maturity, form, and phraseology of the bonds and interest coupons and specifically dedicating the proceeds of the special tax voted for that purpose to the payment of the bonds, both principal and interest, as they mature and levying the tax for the whole term or series of years for which it was voted. The fund shall not be diverted to any other purpose so long as any bond of the series shall be outstanding and unpaid.
B. Nothing in this Section shall prevent the levee board or levee and drainage board from stipulating in the bonds that they may be redeemed at any time prior to maturity at the option of the levee board or levee and drainage board.