NOTE: §698.7 eff. until July 1, 2021. See Acts 2018, No. 569.
§698.7. Sale of bonds; proceeds
A. All bonds issued hereunder shall be advertised for sale on sealed bids, in accordance with the law of Louisiana providing a uniform advertising procedure for securities of public entities required to be sold at public sale on sealed bids. The governing authority may reject any and all bids. If the bonds are not sold pursuant to the advertisement, they may be sold by the governing authority at private sale within sixty days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which shall have been received. If not so sold, the bonds shall be readvertised in the manner herein prescribed.
B. The proceeds derived from the sale of bonds issued hereunder shall be used exclusively by the issuer for the purpose or purposes for which the bonds are authorized to be issued, but the purchasers of the bonds shall not be obligated to see to the application thereof.
NOTE: §698.7 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§698.7. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Acts 1975, 1st Ex.Sess., No. 21, §5, eff. Jan. 28, 1975; Acts 2018, No. 569, §2, eff. July 1, 2021.
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