2011 Louisiana Laws
Revised Statutes
TITLE 40 — Public health and safety
RS 40:600.11 — Refunding bonds
§600.11. Refunding bonds
NOTE: Repealed by Acts 2011, No. 408, §3, eff. midnight, June 30, 2012.
Subject to the rights of the holders of the bonds of the agency, the agency is hereby authorized and empowered to issue from time to time its bonds for the purpose of refunding any bonds of the agency then outstanding, together with the payment of any redemption premiums thereon and interest accrued or to accrue to the date of redemption of such outstanding bonds. All such refunding bonds of the agency shall be issued, sold or exchanged, and delivered, shall be secured, and shall be subject to the provisions of this Chapter in the same manner and to the same extent as any other bonds issued by the agency pursuant to this Chapter, unless otherwise determined by resolution of the agency. Refunding bonds issued by the agency as herein provided may be sold or exchanged for outstanding bonds of the agency and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of such outstanding bonds. Pending the application of the proceeds of any such refunding bonds, with any other available funds, to the payment of the principal, accrued interest, and any redemption premiums, if any, on the bonds being refunded, and, if so provided or permitted in the trust indenture or the resolution of the agency authorizing the issuance of such refunding bonds, to the payment of any interest on such refunding bonds and any expenses in connection with such refunding, such proceeds may be invested in direct obligations of, or obligations the principal and interest on which are unconditionally guaranteed by, the United States of America which shall mature or which shall be subject to redemption by the holders thereof, at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.
Added by Acts 1980, No. 707, §1, eff. July 24, 1980; Acts 2011, No. 408, §3, eff. midnight, June 30, 2012.
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