RÉSUMÉ DIGEST
ACT 174 (SB 237) 2017 Regular Session Cortez
Prior law authorized the Lafayette Parish School Board (school board) to issue bonds secured
by a one percent sales and use tax levied by the school board only after the question of the
imposition of the tax has been submitted to the qualified electors of the parish and approved
by the voters. New law retains prior law.
Prior law provided that the school board shall, by resolution, fix the form and term of the
bonds, not to exceed 25 years, and the rate of interest. Prior law further provided that the
bonds shall be serial coupon bonds, the interest rate shall not exceed six percent per annum,
and be signed by the president and secretary of the board. New law provides that the school
board shall, by resolution, fix the form, maturities, and terms of the bonds and the rate of
interest, with a term not to exceed 40 years. New law deletes provisions regarding serial
coupon bonds, the limit on the interest rate on the bonds, and the signatories on the bonds.
Prior law made reference to coupons attached to the bonds and provided that a redemption
in advance of maturity shall have a premium not greater than five percent of the principal
amount of the bonds. New law deletes the provisions regarding coupon bonds and the
premium for a redemption in advance of maturity.
Prior law provided for the manner of sale of the bonds and the time and place of the
advertisement of the sale. New law repeals prior law.
Prior law provided that the powers conferred by prior law are not affected by any other
provision of law and that the provisions and requirements for the issuance of debt in other
provisions of law do not apply to bonds issued under prior law. New law deletes prior law
and provides that notwithstanding any provisions of law contained in prior law or any other
provision of law to the contrary, bonds issued pursuant to prior law are also subject to the
provisions of Chapters 13 and 13-A of Title 39 of the Louisiana Revised Statutes. Chapters
13 and 13-A provide relative to securities of public entities and fully registered securities,
including maximum interest rates, advertising for bids, the form of the securities, the price
at which the securities may be sold, the issuance, execution, and transfer of fully registered
securities, and continuing disclosure by the issuers of securities.
Effective upon signature of the governor (June 12, 2017).
(Amends R.S. 47:338.86(B))