Louisiana Revised Statutes 33:7706 – Assumption of rights and responsibilities of districts consolidated
Terms Used In Louisiana Revised Statutes 33:7706
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
At the expiration of the thirty-day period provided for in La. Rev. Stat. 33:7705, existing districts of the same type included in any such consolidated district shall no longer have the right to issue bonds or other obligations, and all books and records and assets thereof shall be transferred to the consolidated district. The governing authority of the consolidated district shall cause taxes to continue to be levied for the payment of the outstanding indebtedness of each underlying district of the same type which has not been assumed by the consolidated district, as hereinafter provided, in all respects as would have been required had such consolidation not been effected. In addition, if such indebtedness of any underlying district consists of revenue bonds or special assessment certificates payable from service charges or assessments, the governing authority of the consolidated district shall continue to impose and collect such service charges or assessments, as well as any special taxes previously authorized and legally dedicated by covenant with bondholders to the payment of maintenance or operation expenses.
Added by Acts 1975, No. 94, §1.