§1258.  Investment recovery bonds

Investment recovery bonds shall not be a debt or a general obligation of the state or any of its political subdivisions, agencies, or instrumentalities and shall not be a charge on their full faith and credit.  An issue of investment recovery bonds shall not, directly, indirectly, or contingently, obligate the state or any agency, political subdivision, or instrumentality of the state to levy any tax or make any appropriation for payment of the bonds, other than for paying investment recovery charges in their capacity as consumers of electricity.  All investment recovery bonds authorized by a financing order by the Public Service Commission shall contain on the face of a statement the following:  "Neither the full faith and credit nor the taxing power of the state of Louisiana is pledged to the payment of the principal of, or interest on, this bond".  All investment recovery bonds authorized by a financing order by the council of the city of New Orleans shall contain on the face of a statement the following:  "Neither the full faith and credit nor the taxing power of the state of Louisiana or the city of New Orleans is pledged to the payment of the principal of, or interest on, this bond".

Acts 2010, No. 988, §2, eff. July 6, 2010.