RS 39:99.34

172 words·~1 min read·/la/title-39/39-1088

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

RS 39:99.34

§99.34. Bankruptcy

Prior to the date that is one year and one day after which the corporation no longer has any bonds outstanding, the corporation is prohibited from filing and shall have no authority to file a voluntary petition under the federal bankruptcy code as it may, from time to time, be in effect, and neither any public official nor any organization, entity or other person shall authorize the corporation to be or to become a debtor under the federal bankruptcy code during such period. The provisions of this Section shall be part of any contractual obligation owed to the holders of bonds issued under this Subpart.

Any such contractual obligation shall not subsequently be modified by state law during the period of the contractual obligation, and the state of Louisiana hereby covenants with the holders that the state shall not limit or alter the denial of authority under this Section during the period referred to in the first sentence hereof.

Acts 2007, No. 249, §1, eff. July 6, 2007.