Subject to the provisions of R.S. 48:882, all moneys received from any bridge revenue bonds issued pursuant to this Sub-part shall be applied solely to the payment of the cost of the bridge or bridges or to the appurtenant sinking funds. Until so applied, there is a privilege upon the money in favor of the holders of the bonds or the trustee in respect of the bonds.
La. R.S. 48:869
Privilege upon bond proceeds
Known as the Bridge Revenue Bond Law
The act spans §§ 48–48 (81 sections).
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.