Louisiana Revised Statutes 39:1443 – Effect of defeasance
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Terms Used In Louisiana Revised Statutes 39:1443
- Securities: means bonds, notes, certificates, or other written obligations for the repayment of borrowed money, including obligations to refund any of them. See Louisiana Revised Statutes 39:1441
Securities of the public entity which have been defeased as provided in La. Rev. Stat. 39:1442 shall no longer be considered as outstanding in computing any constitutional or statutory debt limitation with respect to the issuance of securities by such entity, and the public entity shall be released from the covenants, agreements, and obligations contained in the instrument authorizing such securities.
Added by Acts 1978, No. 381, §1, eff. July 12, 1978.