Bonds issued under the provisions of this Sub-part shall be sold at an interest rate not greater than six per cent (6%) per annum. Under no conditions shall they be sold at a price less than par. The proceeds thereof shall not be used for any purpose other than that for which the bonds issued, as set forth in the resolution ordering the election to authorize the issue.
La. R.S. 33:4227
Sale for less than par or diversion of proceeds prohibited
Known as the State Power Authority Act
The act spans §§ 33–33 (379 sections).
Amended by Acts 1968, No. 44, §1.
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.