Louisiana § RS 33:3063 - Financing prepayments
Full text of Louisiana Louisiana Civil Code § RS 33:3063 — Financing prepayments, with citation guidance and answers to common questions.
§ RS 33:3063. Financing prepayments
Any governing authority may borrow money for the purpose of financing any advance payment of the cost of insurance or in the case of an interlocal risk management agency, to establish reserves for risk sharing or for reinsurance purposes. Such borrowing shall be for a term not exceeding ten years, shall bear interest at such rate or rates determined by the governing authority and shall be authorized by appropriate ordinance or resolution of the governing authority or board of trustees of an interlocal risk management agency. The resolution or ordinance authorizing such borrowing may contain appropriate covenants requiring the governing authority to budget in future years sufficient revenues to meet all anticipated expenditures, and may otherwise contain such other covenants as the governing authority deems appropriate including but not limited to covenants regarding expenditure of revenues, accounting, and reporting. The interest on such borrowing shall be exempt from all taxation in the state of Louisiana and no court shall have authority or jurisdiction to inquire into the legality of such borrowing and the terms thereof if the validity thereof is not raised within thirty days of the publication of the resolution or ordinance authorizing such borrowing.
Acts 1986, No. 973, §1, eff. July 14, 1986.
Frequently Asked Questions About Louisiana § RS 33:3063
What does Louisiana Civil Code § RS 33:3063 cover?
Section RS 33:3063 ("Financing prepayments") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 33:3063?
A common citation format is "Louisiana Civil Code § RS 33:3063" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 33:3063 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.