2012 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:997 — Approval by state bond and tax board and board of commerce and industry; validation; interest rates
§997. Approval by state bond and tax board and board of commerce and industry; validation; interest rates
A. Before incurring debt and issuing bonds to carry out any plans to encourage the location of or additions to an industrial enterprise, the State Bond and Tax Board and Board of Commerce and Industry or their successors in function, shall certify their approval of any proposed contract between the municipality and the industrial enterprise to be aided, encouraged or benefited. The maximum interest rate at which bonds may be issued under this Part shall not exceed the maximum rate for conventional interest fixed by the Louisiana Civil Code.
B. All bonds heretofore issued under the provisions of this part are hereby validated, ratified and confirmed and declared to be valid and binding obligations of the municipal corporation in accordance with the terms of their issuance in spite of any one or more irregularities which may have occurred in the passage of this Part or question which might be raised as to the constitutionality of any procedural provision of this Part. All proceedings heretofore had in connection with the issuance of such bonds are hereby ratified, validated and confirmed.
Acts 1964, No. 520 §7. Amended by Acts 1968, No. 649, §2; Acts 1970, No. 324, §1, emerg. eff. July 13, 1970, at 2:05 P.M.; Acts 1972, No. 433, §1.
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