Louisiana Revised Statutes 49:343 – Grant of authority
Terms Used In Louisiana Revised Statutes 49:343
- 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.
A. In addition to any other grant of authority contained in the statutes of the state with respect to the investment of public funds and not by way of limitation, public entities shall be authorized to invest the proceeds derived from the sale of their bonds and monies held in any fund established in connection with the bonds in any direct obligation of, or obligation guaranteed by, the United States of America, without limitation as to maturity, and in tax-exempt bonds until such time as such proceeds or monies are required to be expended for the purpose of the issue.
B. Any authorized officer of a public entity which proposes to invest in tax-exempt bonds pursuant to the authority contained in this Part shall to the extent possible give preference and priority to tax-exempt bonds of the state of Louisiana and its political subdivisions and public corporations; and said officer may conclusively rely with respect to the tax-exempt status of any bond on an opinion of nationally recognized bond counsel rendered at the time of issuance of the tax-exempt bond.
C. Nothing contained in this Part is or shall be construed as a restriction or a limitation upon any other powers had and possessed by any public entity and this Part is cumulative and in addition to any such powers. This Part does and shall be construed to provide a complete and additional method for the doing of the things authorized hereby and shall be regarded as supplemental and additional to powers conferred by other laws.
Acts 1986, No. 66, §1, eff. June 13, 1986.