Any certificate of indebtedness issued by any police jury of this state, and any resolution or ordinance authorizing these certificates, shall contain a provision that in case of default in the payment of principal or interest, the principal or interest, as to which there is default, shall bear interest from maturity until paid, at the rate of five per cent per annum.
La. R.S. 39:472
Interest on default in paying certificates of indebtedness
Known as the Consolidated Local Government Public Finance Act
The act spans §§ 39–39 (94 sections).
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.