Louisiana § RS 48:884 - Sinking fund
Full text of Louisiana Louisiana Civil Code § RS 48:884 — Sinking fund, with citation guidance and answers to common questions.
§ RS 48:884. Sinking fund
The tolls from a bridge or bridges for which a single issue of bonds is issued, except the part thereof required to pay the cost of maintaining and operating the bridge or bridges and to provide the reserves therefor provided for in the resolution authorizing the issuance of the bonds or in the mortgage or trust indenture, shall be set aside at such regular intervals as are provided in the resolution, mortgage, or trust indenture, in a sinking fund which is hereby pledged to and charged with the payment of:
(1) The interest upon the bonds as that interest falls due;
(2) The principal of the bonds as it falls due;
(3) The necessary fiscal agency charges for paying principal and interest; and
(4) Any premium upon bonds retired by call or purchase.
The use and disposition of the sinking fund is subject to such regulations as are provided in the resolution authorizing the issuance of bonds, or in the mortgage or trust indenture, but, except as is otherwise provided in the resolution, mortgage, or trust indenture, the sinking fund is a fund for the benefit of all bonds without distinction or priority of one over another.
Subject to the provisions of the resolution authorizing the issuance of bonds or of the mortgage or trust indenture, any moneys in the sinking fund in excess of an amount equal to one year's interest on all bonds then outstanding may be applied to the purchase or redemption of bonds. All bonds so purchased or redeemed shall immediately be cancelled and shall not be issued again.
Frequently Asked Questions About Louisiana § RS 48:884
What does Louisiana Civil Code § RS 48:884 cover?
Section RS 48:884 ("Sinking fund") 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 48:884?
A common citation format is "Louisiana Civil Code § RS 48:884" (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 48:884 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.