2011 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:571 — No sale below par; application of premium and accrued interest

LA Rev Stat § 39:571 What's This?

§571. No sale below par; application of premium and accrued interest

A. Except as expressly provided herein, no bonds issued shall be sold for less than their par value and accrued interest, but the bidder for the bonds may stipulate in his bid that the proceeds of the bonds shall be deposited in a bank designated or to be designated by him to act as fiscal agent for the fund. Such stipulation shall be limited to the deposit of the bond proceeds and shall not extend to the taxes levied and collected to meet maturing bonds and coupons. The depository so designated must be a bank located in this state, which shall give security to the amount and in the manner required of fiscal agents and depositories of parishes, municipalities, and public boards under the laws of Louisiana. If any premium is received, the premium, with all accrued interest received, shall be applied to the payment of the principal or to the interest on the bonds, and shall be deposited in the bank along with the taxes levied and collected for that purpose.

B. Notwithstanding the provisions of R.S. 39:551 to the contrary, the provisions of this Section shall apply to all municipalities.

Amended by Acts 1982, No. 224, §1, eff. July 15, 1982.

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