Louisiana § RS 47:338.38 - Resolutions; contents

§ RS 47:338.38. Resolutions; contents

Any resolution may contain such covenants with the future holder or holders of the bonds as to the sales tax revenues, the disposition of such revenues, the issuance of future bonds, and such other pertinent matters as may be deemed necessary by the governing authority to assure the marketability of such bonds, provided such covenants are not inconsistent with the provisions of R.S. 47:338.30 through 338.47.  Any resolution authorizing the issuance of bonds hereunder may contain such provisions to assure the enforcement, collection and proper application of the sales tax revenues as the governing authority issuing the bonds may think proper, were not inconsistent with the provisions of R.S. 47:338.30 through 338.47, and when any bonds payable from the sales tax revenues shall have been issued, R.S. 47:338.30 through 338.47, the ordinance of the governing authority imposing the tax and pursuant to which the tax is being levied, collected and allocated, and the obligations of the governing authority to continue to levy, collect and allocate the tax as provided in said resolution, and to apply the revenues derived therefrom in accordance with the provisions of said resolution, shall be irrevocable until such bonds shall have been paid in full as to principal and interest, and shall not be subject to amendment in any manner which would impair the rights of the holders from time to time of such bonds or which would in any way jeopardize the prompt payment of principal thereof or interest thereon.

Acts 1962, No. 300, §9; Redesignated from R.S. 33:2717.9 pursuant to Acts 2011, No. 248, §4.