Louisiana § RS 34:1405 - Prescriptive period; sale of bonds

§ RS 34:1405. Prescriptive period; sale of bonds

A.  For sixty days after promulgation of the result of an election held to incur or assume debt, issue bonds, or levy a tax, any person in interest may contest the legality of the election, the bond issue provided for, or the tax authorized, for any cause.  After that time no one shall have any cause or right of action to contest the regularity, formality, or legality of the election, tax provisions, or bond authorization, for any cause whatsoever.  If the validity of any election, tax, debt assumption, or bond issue authorized or provided for is not raised within the sixty days, the authority to incur or assume debt, levy the tax, or issue the bonds, the legality thereof, and the taxes and other revenues necessary to pay the same shall be conclusively presumed to be valid, and no court shall have authority to inquire into such matters.

B.  A resolution authorizing the issuance of bonds or other debt obligation by the commission shall be published at least once in the official journal of the parish.  For thirty days after the date of publication, any person in interest may contest the legality of the resolution and of any provision therein made for the security and payment of the bonds.  After that time, no one shall have any cause of action to test the regularity, formality, legality, or effectiveness of the  resolution or any provisions thereof for any cause whatever.  Thereafter, it shall be conclusively presumed that every legal requirement for the issuance of the bonds or other debt obligation has been complied with, including all things pertaining to the election, if required, at which the bonds or other debt obligation were authorized.  No court shall have authority to inquire into any of these matters after the thirty days.

C.  Any bonds issued in accordance with the provisions of R.S. 34:1404 shall be sold to the highest bidder at a public sale, for not less than par and interest, after advertisement at least once a week for not less than thirty days by the commission in Monroe, Chicago, New York, and such other places as the commission may determine, reserving to the commission the right to reject any and all bids and the right to readvertise for new bids.

Acts 1998, 1st Ex. Sess., No. 45, §1.