2015 Louisiana Laws
Revised Statutes
TITLE 33 - Municipalities and Parishes
RS 33:4335 - Enforcing pledge and foreclosing mortgage in case of default
§4335. Enforcing pledge and foreclosing mortgage in case of default
In case default occurs in the payment of such bonds or any of them, in whole or in part, or of any installment of interest thereon, when the same shall become due, the holder of such bond or bonds, or any of them, as to which there shall have been such default, may proceed against the governing authority of the municipality to enforce the pledge of income and revenues and foreclose the mortgage, as the case may be, by seizure and sale of the property mortgaged, or to do either or both, in event such bonds are secured by both pledge and mortgage, in like manner as if proceeding against a private person. Bonds issued under the provisions of this Sub-part and the liability arising therefrom shall not be a charge upon any other income or revenues of the municipality issuing the bonds and shall not be included in computing the indebtedness of the municipality for the purpose of determining any constitutional limitation.
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