2011 Louisiana Laws
TITLE 39 — Public finance
RS 39:568 — Recital of regularity
§568. Recital of regularity
Before bonds of any subdivision are issued, the governing authority shall investigate and determine the regularity of the proceedings. The resolution authorizing the bonds may direct that they shall contain the following recital: "It is certified that this bond is authorized by and is issued in conformity with the requirements of the constitution and statutes of this State." This recital shall be an authorized declaration by the governing authority of the subdivision and import that there is constitutional and statutory authority for incurring the debts and issuing the bonds; that all the proceedings therefor are regular; that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of the bond have existed, happened and have been performed in due form, time, and manner as required by law; that the amount of the bond together with all other indebtedness does not exceed any limit or limits prescribed by the constitution and statutes of this state; and that an election has been duly and regularly held under the provisions of this Chapter. If any bond is issued containing the recital, it shall be conclusively presumed that the recital, construed according to the import hereby declared, is true, and neither the subdivision nor any taxpayer shall be permitted to question the validity or regularity of the obligation in any court or in any action or proceeding.
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