2011 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:1806 — Grant anticipation notes; negotiable; tax exempt; maturity; payment; interest

§1806. Grant anticipation notes; negotiable; tax exempt; maturity; payment; interest

Any grant anticipation note issued under authority of this Chapter may be negotiable and may be payable to order or to bearer. All grant anticipation notes and income therefrom shall be exempt from all taxation by this state or any political subdivision thereof, except estate or gift taxes and taxes on transfers. The grant anticipation notes shall be legal and authorized investments for banks, saving banks, insurance companies, homestead and building and loan associations, and trustees and other fiduciaries and may be used for deposit with any officer, board, municipality, or other political subdivision of the state of Louisiana in any case where, by present or future laws, deposit or security is required. Such notes shall be payable not later than five years after the date of issue and shall be payable solely, except as provided in R.S. 39:1810, from committed and appropriated funds of grants or loans, and interest thereon. Such notes may be sold at public or private sale at such price or prices as may be determined by the governing authority of the public entity and approved by the State Bond Commission. Such notes shall be in such form, be in such denomination or denominations, be payable at such place or places, bear interest at such rate or rates, and contain such other provisions and terms, all as may be fixed in the resolution or ordinance authorizing their issuance and approved by the State Bond Commission.

Added by Acts 1980, No. 257, §1, eff. July 12, 1980.