2014 Louisiana Laws
Revised Statutes
TITLE 39 - Public Finance
RS 39:617 - Levy of tax for refunding bond
§617. Levy of tax for refunding bond
The governing authority of any subdivision refunding its indebtedness under this Sub-part shall levy a tax sufficient to pay the interest upon all the bonds of each series as it accrues and shall pay the principal as it matures. The principal and interest of any outstanding bonds not surrendered by the holder to the State Treasurer shall be paid at maturity by the governing authority of the subdivision from the taxes so levied, and the bonds and coupons of the outstanding bonds when paid in accordance with their terms shall be lodged with the State Treasurer, who shall cancel the liquidation bonds and coupons corresponding therewith. When all the bonds and coupons of any series are thus cancelled by payment of the corresponding outstanding bonds, the State Treasurer shall mutilate them so that they cannot be re-issued and shall return them to the treasurer of the subdivision.
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