La. R.S. § 34:3162 Authority to Issue Bonds; Contesting Regularity of Issuance; Sale of Bonds

• Library: Louisiana Statutes
• Edition: 2023
• Currency: Current with changes from the 2023 Legislative Session
• Year: 2023
• Citation: La. R.S. § 34:3162

A. The commission, with the approval of the State Bond Commission, is authorized to incur debts...

B. For a period thirty days after the date of the adoption of any resolution of the commission authorizing the issuance of its bond or notes, any person interested may test the legality of such resolution and the validity of such bonds or notes issued or proposed to be issued thereunder, after which time no one shall have any cause of action to contest the regularity, formality, or legality of said resolution or to draw in question the legality of said bonds or notes or the debts represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of said thirty days.

C. Any bonds issued in accordance with this Section shall bear interest at the rates, shall be sold in the manner, and may be issued with such terms and provisions as are set forth by R.S. 39:1421 through R.S. 39:1430.

D. Repealed by Acts 1994, No. 9, §2, eff. June 7, 1994.

Cite as La. R.S. § 34:3162

History: Added by Acts 1975, No. 66, §1. Amended by Acts 1978, No. 316, §2, eff. 7/10/1978; Acts 1994, No. 9, §§1, 2, eff. 6/7/1994.