Louisiana § RS 45:1279 - State pledge
Full text of Louisiana Louisiana Civil Code § RS 45:1279 — State pledge, with citation guidance and answers to common questions.
§ RS 45:1279. State pledge
A. For purposes of this Section, the term "bondholder" means a person who holds an energy transition bond, including in book entry form.
B.(1) The state and the Legislature of Louisiana each pledge to and agree with bondholders, the owners of the energy transition property, and other financing parties that, until the financing costs and the energy transition bonds and any ancillary agreements have been paid and performed in full, the state and the Legislature of Louisiana shall not do any of the following:
(a) Alter the provisions of this Part that authorize the commission to create an irrevocable contract right by the issuance of a financing order, to create energy transition property, and to make the energy transition charges imposed by a financing order irrevocable, binding, and nonbypassable charges.
(b) Take or permit any action that impairs or would impair the value of energy transition property.
(c) Take or permit any action that impairs or would impair the rights and remedies of the issuer, any other assignee, such bondholders or other financing parties, or the security for the energy transition bonds or ancillary agreements.
(d) Except as provided for in this Section and except for adjustments under any true-up mechanism established by the commission, reduce, alter, or impair energy transition 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 energy transition bonds have been paid and performed in full.
(2) Nothing in this Subsection shall preclude limitation or alteration if and when full compensation is made by law for the full protection of the energy transition charges imposed, charged, and collected pursuant to a financing order and full protection of the holders of energy transition bonds and any assignee or financing party.
C. Any person or entity that issues energy transition bonds may include the pledges specified in Subsection B of this Section and in R.S. 45:1273(C)(5) in the bonds and related documentation.
Acts 2022, No. 255, §2, eff. June 3, 2022.
Frequently Asked Questions About Louisiana § RS 45:1279
What does Louisiana Civil Code § RS 45:1279 cover?
Section RS 45:1279 ("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 45:1279?
A common citation format is "Louisiana Civil Code § RS 45:1279" (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 45:1279 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.