Louisiana § RS 39:513 - Application of proceeds
Full text of Louisiana Louisiana Civil Code § RS 39:513 — Application of proceeds, with citation guidance and answers to common questions.
§ RS 39:513. Application of proceeds
A. The proceeds of bonds issued under this Part shall be used exclusively for the purpose or purposes for which the bonds are authorized to be issued, including but not limited to the payment of costs of issuance, the cost of funding any required debt service reserves, the cost of credit enhancement or the cost of a financial products agreement. The purchaser of the bonds shall not be obliged to see to the application thereof. In the event that the governing authority of the governmental entity that issued bonds determines that all or part of the proceeds of the sale of such bonds are no longer needed or required for the purpose for which the bonds were originally issued, the governing authority may rededicate such unexpended proceeds for a different purpose, provided that such different purpose is one for which the bonds could have been originally issued, or it may utilize the unexpended proceeds to prepay or redeem such bonds.
B. Any premium received by a governmental entity in connection with the sale of bonds shall be expended for:
(1) Any purpose for which the bonds are being issued and deposited in the same account into which the bond proceeds are deposited for such purpose.
(2) The payment of the principal or the interest on the bonds and shall be deposited in a sinking fund or debt service fund established for such purpose.
C. Any accrued interest received by a governmental entity in connection with the sale of bonds shall be applied to the payment of principal or interest on such bonds, and deposited in a sinking fund or debt service fund established for such purpose.
Acts 2018, No. 569, §1, eff. July 1, 2018.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 39:513
What does Louisiana Civil Code § RS 39:513 cover?
Section RS 39:513 ("Application of proceeds") 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 39:513?
A common citation format is "Louisiana Civil Code § RS 39:513" (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 39:513 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.