Code · Louisiana · Title 45 — Public Utilities and Carriers

RS 45:1137

70 words·~1 min read·/la/title-45/45-27

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

RS 45:1137

§1137. Bonds; mortgage and pledge

Any bonds issued under this Part shall be payable from and secured by pledge of the revenues derived from the operation of the utility constructed, acquired, extended or improved with the proceeds thereof, sufficient in amount at all times to meet the required debt service subject only to the prior payment of the reasonable and necessary expenses of operating and maintaining such utility.