2009 Louisiana Laws TITLE 40 Public health and safety :: RS 40:600.9 Bonds of the agency

§600.9.  Bonds of the agency

A.  The agency is hereby authorized and empowered to issue from time to time bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, or other obligations or evidences of indebtedness (hereinafter referred to collectively as "bonds") whether the interest thereon is subject to taxation under the Internal Revenue Code of 1954 as now enacted or subsequently amended or is exempt therefrom to provide funds for and to fulfill and achieve its authorized public functions or corporate purposes as set forth in this Chapter including but not limited to the purchase of insured mortgage loans from lending institutions, the making of secured loans to lending institutions, for construction of residential buildings; for the purchase of residential loans previously made and secured by first mortgages and for the purchase of securities fully collateralized by first mortgages on residential housing; for the purchase of "pre-packaged" residential first mortgage loans for investment or resale; for the payment of interest on bonds of the agency, the establishment of reserves to secure such bonds, the establishment of reserves with respect to the insurance of mortgage loans for residential housing; and for all other expenditures of the agency incident to and necessary or convenient to carry out its public functions or corporate purposes.  

B.  Except as may otherwise be provided by the agency, all bonds issued by the agency shall be negotiable instruments and may be general obligations of the agency, secured by the full faith and credit of the agency and payable out of any money, assets or revenues of the agency or from any other sources whatsoever that may be available to the agency.  

C.  The bonds of the agency shall be solely the obligations of the agency.  In no event shall any bonds of the agency constitute an obligation, either general or special, of the state, any municipality or any other political subdivision of the state or constitute or give rise to a pecuniary liability of the state, any municipality or any other political subdivision of the state; nor shall the agency have the power to pledge the general credit or taxing power of the state, any municipality or any other political subdivision of the state.

D.  Bonds shall be authorized, issued and sold by a resolution or resolutions of the agency adopted as provided in this Chapter.  Such bonds may be of such series, bear such date or dates, mature at such time or times, bear interest at such rate or rates, payable at such time or times, be in such denominations, be sold at such price or prices, at public or private negotiated sale, after advertisement as is provided for in R.S. 39:1421 through R.S. 39:1427, be in such form, either in coupon form, registered as to principal only or fully registered without coupons, carry such registration and exchangeability privileges, be payable at such place or places, be subject to such terms of redemption, and be entitled to such priorities on the income, revenue and receipts of, or available to, the agency as may be provided by the agency in the resolution or resolutions providing for the issuance and sale of the bonds of the agency.  

E.  The bonds of the agency shall be signed by such commissioners or officers of the agency, by either manual or facsimile signatures, as shall be determined by resolution or resolutions of the agency, and shall have impressed or imprinted thereon the seal of the agency, or a facsimile thereof.  The coupons attached to coupon bonds of the agency shall bear the facsimile signature of such commissioner or officer of the agency as shall be determined by resolution or resolutions of the agency.  

F.  Any bonds of the agency may be validly issued, sold and delivered, notwithstanding that one or more of the commissioners or officers of the agency signing such bonds, or whose facsimile signature or signatures may be on the bonds or on coupons shall have ceased to be such commissioner or officer of the agency at the time such bonds shall actually have been delivered.  

G.  Bonds of the agency may be sold in such manner and from time to time as may be determined by the agency to be most beneficial, and the agency may pay all expenses, premiums, or commissions which it may deem necessary or advantageous in connection with the issuance and sale thereof, subject to the provisions of this Chapter.  

H.  Bonds of the agency may be issued under and subject to such terms, covenants or conditions, consistent with this Chapter, as may be determined by resolution or resolutions of the agency to be necessary or desirable, including, but not limited to:

(1)  The establishment of a trust indenture or indentures by and between the agency and a corporate trustee, which may be any bank or trust company having the powers of a trust company, located within or without the state, that is acceptable to the agency.  Such trust indenture may provide for the pledging or assigning of any assets or income from assets to which or in which the agency has any rights or interest, and may further provide for such other rights and remedies exercisable by the trustee as may be proper for the protection of the holders of the bonds of the agency, and not otherwise in violation of law, and such agreement may provide for the restriction of the rights of any individual holder of bonds of the agency.  Such trust indenture may provide that all expenses incurred in carrying out the provisions of such trust indenture may be treated as a part of the cost of operation of the agency.  The trust indenture may contain any further provisions which are reasonable to delineate further the respective rights, duties, safeguards, responsibilities and liabilities of the agency;

(2)  The pledge or creation of a lien, to the extent provided by resolution or resolutions of the agency, on all or any part of the money, assets or revenues of the agency or on any money or assets held by others for the benefit of the agency to secure the payment of such bonds;

(3)  Provisions for the custody, collection, securing, investment and payment of any money of or due to the agency;

(4)  The creation or funding of reserves or sinking funds and the regulation or disposition thereof;

(5)  Limitations on the purposes to which the proceeds of the sale of any issue of bonds then or thereafter to be issued may be applied;

(6)  Limitations on the issuance of additional bonds and on the refunding of outstanding or other bonds;

(7)  The procedure, if any, by which the terms of any contract with the holders of bonds of the agency may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;

(8)  The creation of special funds into which any money of the agency may be deposited;

(9)  The vesting in a trustee or trustees of such properties, rights, powers and duties in trust as the agency may by resolution determine;

(10)  The definition of the acts or omission to act which shall constitute a default in the obligations and duties of the agency and providing for the rights and remedies of the holders of bonds of the agency in the event of such default in accordance with the provisions of the Chapter and the general laws of the state; and

(11)  Any other matters of like or different character, which in any way affect the security and protection of the bonds and the rights of the holders thereof.  

I.  The agency is hereby granted the total allocation for qualified mortgage bonds for state housing finance agency issuers pursuant to the federal Mortgage Subsidy Bond Tax Act of 1980.  Any allocation made pursuant to the Mortgage Subsidy Bond Act of 1980 to issuers other than state housing finance agency issues which have not been sold by September 1 of each year may be allocated, in whole or in part, by the governor of the state of Louisiana to the agency.  

Added by Acts 1980, No. 707, §1, eff. July 24, 1980.  Amended by Acts 1982, No. 489, §1, eff. July 22, 1982; Acts 1984, No. 892, §1.