Louisiana Revised Statutes 34:1455 – Prescriptive period; sale of bonds
Terms Used In Louisiana Revised Statutes 34:1455
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. For a period of thirty days from the date of the adoption of any resolution of the commission authorizing the issuance of its bonds or notes, any person interested may test the legality of the resolution and the validity of the 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 the resolution or to draw in question the legality of the bonds or notes or the debt represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with. No court shall have authority to inquire into such matters after the lapse of thirty days.
B. Any bonds issued in accordance with the provisions of this Chapter shall be sold in the manner determined by the commission.
Added by Acts 1956, No. 228, §1. Amended by Acts 1956, No. 246, §1; Acts 2016, No. 325, §1, eff. June 2, 2016.