Louisiana § RS 45:1234 - State pledge
Full text of Louisiana Louisiana Civil Code § RS 45:1234 — State pledge, with citation guidance and answers to common questions.
§ RS 45:1234. State pledge
A. For purposes of this Section, the term "bondholder" means a person who holds a storm recovery bond, including in book entry form.
B. The state pledges to and agrees with bondholders, the owners of the storm recovery property, and other financing parties that the state will not:
(1) Alter the provisions of this Part which authorize the commission to create a contract right by the issuance of a financing order, to create storm recovery property, and to make the storm recovery charges imposed by a financing order irrevocable, binding, and nonbypassable charges;
(2) Take or permit any action that impairs or would impair the value of storm recovery property; or
(3) Except as allowed under this Section and except for adjustments under any true-up mechanism established by the commission, reduce, alter, or impair storm recovery charges that are to be imposed, collected, and remitted for the benefit of the bondholders and other financing parties until any and all principal, interest, premium, financing costs and other fees, expenses, or charges incurred, and any contracts to be performed, in connection with the related storm recovery bonds have been paid and performed in full. Nothing in this Paragraph shall preclude limitation or alteration if and when full compensation is made by law for the full protection of the storm recovery charges collected pursuant to a financing order and full protection of the holders of storm recovery bonds and any assignee or financing party.
C. Any person or entity that issues storm recovery bonds may include the pledge specified in Subsection B of this Section and in R.S. 45:1228(C)(5) in the bonds and related documentation.
Acts 2006, No. 64, §2, eff. May 22, 2006.
Frequently Asked Questions About Louisiana § RS 45:1234
What does Louisiana Civil Code § RS 45:1234 cover?
Section RS 45:1234 ("State pledge") 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 45:1234?
A common citation format is "Louisiana Civil Code § RS 45:1234" (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 45:1234 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.