Louisiana § RS 34:3162 - Authority to issue bonds; contesting regularity of issuance; sale of bonds

§ RS 34:3162. Authority to issue bonds; contesting regularity of issuance; sale of bonds

A.  The commission, with the approval of the State Bond Commission, is authorized to incur debts for its lawful purposes, to issue in its name, bonds or notes therefor, and to pledge for the payment of the principal and interest of such bonds or notes the revenues derived from the operation of properties and facilities maintained and operated by it, or received by the commission from any taxes authorized under R.S. 34:3161 or from other sources.  In addition to the pledge of revenues to secure said bonds and notes, the commission may further secure their payment by conventional mortgage upon any or all of the properties constructed or acquired or to be constructed or acquired by it.  The commission may receive, by gift, grant, donation, or otherwise, any sum of money, aid, or assistance from the grant, donation, or otherwise, any sum of money, aid or assistance from the United States, the state of Louisiana, or any political subdivision thereof; and unless otherwise provided by the terms of such gift, grant, or donation, in its discretion, the commission may pledge all or any part of such monies for  the further securing of the payment of the principal and interest of its bonds or notes.

B.  For a period thirty days after the date of the adoption of any resolution of the commission authorizing the issuance of its bond or notes, any person interested may test the legality of such resolution and the validity of such bonds or notes issued or proposed to be issued thereunder, after which time no one shall have any cause of action to contest the regularity, formality, or legality of said resolution or to draw in question the legality of said bonds or notes or the debts represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of said thirty days.  

C.  Any bonds issued in accordance with this Section shall bear interest at the rates, shall be sold in the manner, and may be issued with such terms and provisions as are set forth by R.S. 39:1421 through R.S. 39:1430.

D.  Repealed by Acts 1994, No. 9, §2, eff. June 7, 1994.

Added by Acts 1975, No. 66, §1.  Amended by Acts 1978, No. 316, §2, eff. July 10, 1978; Acts 1994, No. 9, §§1, 2, eff. June 7, 1994.