§507. Validity of bonds; recital of regularity
A. Before bonds are issued under this Part, the governing authority shall investigate and determine the regularity of the proceedings. The proceedings authorizing the bonds may direct that the bonds contain the following recital:
"It is certified that this indebtedness is authorized by and is issued in conformity with the requirements of the constitution and statutes of Louisiana."
B. Such recital shall be deemed to be an authorized declaration of the governing authority and to import that there is constitutional and statutory authority for issuing the bonds and imposing the pledged tax or providing for the collection of the pledged revenues; that all the proceedings therefor are regular; that all acts, conditions, and things required to exist, happen and be performed precedent to and in the issuance of the bonds and imposition of any pledged tax or providing for the collection of the pledged revenues have existed, have happened and have been performed in due time, form, and manner as required by law; that the amount of the bonds, together with all other indebtedness of the governmental entity does not exceed any limit or limits prescribed by the constitution or statutes of Louisiana; and that the required notices have been duly and regularly given in the manner required by law. If any bonds are issued containing the above recital, the same shall be construed according to the import herein declared, and it shall be conclusively presumed that the recital is true, and neither the governing authority nor any taxpayer shall be permitted to question the validity or regularity of the bonds, obligations, or tax in any court or in any action or proceeding.
Acts 2018, No. 569, §1, eff. July 1, 2018.
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