Louisiana Revised Statutes 39:1468 – Refunded bonds not considered outstanding
Terms Used In Louisiana Revised Statutes 39:1468
- Government obligations: means direct obligations of or obligations the payment of the principal and interest of which is unconditionally guaranteed by the United States of America. See Louisiana Revised Statutes 39:1461
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
For the purpose of debt limitation laws restricting the amount of general obligation bonds that may be issued by the state, no bond shall be deemed to be outstanding when payment of the principal of the applicable redemption premium, if any, on such bond, plus interest thereon to the due date thereof, whether such due date is by reason of maturity or upon redemption or prepayment or otherwise, shall have been made or caused to be made in accordance with the terms thereof, or shall have been provided by irrevocably depositing with a trustee or one of the paying agents for such bonds, in trust, moneys sufficient to make such payment or government obligations maturing as to principal and interest in such amount and at such time as will insure the availability of sufficient moneys to make such payment.
Added by Acts 1978, No. 382, §1, eff. July 12, 1978.