La. Rev. Stat. § 2:713
This is the official text of La. Rev. Stat. § 2:713, part of Louisiana’s Rev. Stat — part of the compiled statutory law of Louisiana, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Bonded indebtedness; authority
Official statutory text
ns or other evidences of indebtedness. The authority may create a reserve fund for the payment of the interest rate exchange or swap, hedge, or similar agreement.
I. An agreement entered into pursuant to this Section shall comply with all of the following requirements:
(1) The agreement is not a debt of the regional authority entering into the agreement for any statutory debt limitation purpose.
(2) The agreement is payable from general funds of the regional authority or, subject to any existing contracts, from any available money or revenue sources, including revenues that are specified by the agreement, securing the obligation or evidence of indebtedness in connection with the agreement.
J. Notwithstanding anything in this Chapter or any other law to the contrary, all ordinances, resolutions, and other proceedings of the local government with respect to any outstanding bonds, notes, or evidences of indebtedness or liability assumed by a regional authority pursuant to this Chapter constitute a contract between the regional authority and the holders of the bonds, notes, or evidences of indebtedness or liability and shall have their provisions enforceable against the regional authority or any or all of its successors or assigns, by mandamus or any other appropriate action or proceeding in law or in equity in any court of competent jurisdiction in accordance with law.
K. Bonds, notes, or evidences of indebtedness or liability that are assumed by the regional authority pursuant to this Chapter are payable solely from and secured solely by the sources of revenue that were pledged to those bonds, notes, or evidences of indebtedness or liability under the ordinance, resolution, or other proceedings of the local government.
L. This Chapter and any other law shall not relieve the regional authority from any bonded or other debt or liability lawfully contracted by the local government with respect to the airport and outstanding on the effective date of the transfer of the operational jurisdiction over the airport to the regional authority.
M. The regional authority shall not take any action to impair the rights or remedies of the holders of the bonds or other obligations of the local government that owns the airport that were lawfully issued before the transfer of operational jurisdiction of the airport to the regional authority.
N. Effective on the FAA approval date, trustees, paying agents, and registrars for any obligation of the local government that has been assumed by the regional authority pursuant to Subsections A through G of this Section shall perform all of their duties and obligations and provide all notices related to the obligations as if the regional authority were the issuer of the obligations. The trustees, paying agents, and registrars shall care for and consider all revenues and money pledged to secure obligations of the local government that have been assumed by the regional authority under Subsections A through G of this Section as revenues and money of the regional authority. The regional authority shall indemnify and hold harmless the trustees, paying agents, and registrars from liability incurred in compliance with this Subsection.
Acts 2025, No. 118, §1, eff. June 8, 2025.
I. An agreement entered into pursuant to this Section shall comply with all of the following requirements:
(1) The agreement is not a debt of the regional authority entering into the agreement for any statutory debt limitation purpose.
(2) The agreement is payable from general funds of the regional authority or, subject to any existing contracts, from any available money or revenue sources, including revenues that are specified by the agreement, securing the obligation or evidence of indebtedness in connection with the agreement.
J. Notwithstanding anything in this Chapter or any other law to the contrary, all ordinances, resolutions, and other proceedings of the local government with respect to any outstanding bonds, notes, or evidences of indebtedness or liability assumed by a regional authority pursuant to this Chapter constitute a contract between the regional authority and the holders of the bonds, notes, or evidences of indebtedness or liability and shall have their provisions enforceable against the regional authority or any or all of its successors or assigns, by mandamus or any other appropriate action or proceeding in law or in equity in any court of competent jurisdiction in accordance with law.
K. Bonds, notes, or evidences of indebtedness or liability that are assumed by the regional authority pursuant to this Chapter are payable solely from and secured solely by the sources of revenue that were pledged to those bonds, notes, or evidences of indebtedness or liability under the ordinance, resolution, or other proceedings of the local government.
L. This Chapter and any other law shall not relieve the regional authority from any bonded or other debt or liability lawfully contracted by the local government with respect to the airport and outstanding on the effective date of the transfer of the operational jurisdiction over the airport to the regional authority.
M. The regional authority shall not take any action to impair the rights or remedies of the holders of the bonds or other obligations of the local government that owns the airport that were lawfully issued before the transfer of operational jurisdiction of the airport to the regional authority.
N. Effective on the FAA approval date, trustees, paying agents, and registrars for any obligation of the local government that has been assumed by the regional authority pursuant to Subsections A through G of this Section shall perform all of their duties and obligations and provide all notices related to the obligations as if the regional authority were the issuer of the obligations. The trustees, paying agents, and registrars shall care for and consider all revenues and money pledged to secure obligations of the local government that have been assumed by the regional authority under Subsections A through G of this Section as revenues and money of the regional authority. The regional authority shall indemnify and hold harmless the trustees, paying agents, and registrars from liability incurred in compliance with this Subsection.
Acts 2025, No. 118, §1, eff. June 8, 2025.
Status: in_force · Read it on the official government site
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