RS 39:1037

245 words·~1 min read·/la/title-39/39-31

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RS 39:1037

§1037. Sales of bonds

Bonds may be sold at either public or private sale and may be sold at such price or prices as may be determined to be in the best interest of the issuer by the issuing body, which price may be at a discount from par. Bonds may be sold at private sale only if such sale is authorized by a vote of two-thirds of the members of the issuing body voting on the matter. For the purpose of this Section, the Board of Liquidation shall be considered to be the issuing body for only general obligation, limited or special ad valorem supported tax bonds, and sales tax bonds, and for no other bonds.

Unless otherwise provided by law, the issuing body for all other types of bonds shall be the governing body of the entity in whose name the bonds are issued. If bonds are to be sold at public sale, a notice of the sale shall be published in accordance with the provisions of R.S. 39:1426 and shall be awarded to the best bidder therefor by the issuing body but the issuing body may reject any and all bids received. In the case of bonds sold by the Board of Liquidation on behalf of the City, the council through its clerk shall be notified of the results of any sale.

Acts 1985, No. 674, §7, eff. July 16, 1985.