RS 39:1121: No sale less than par; application of premium

No bonds shall be sold for less than their par value and accrued interest, but the bidder for the bonds in his bid may stipulate that the proceeds of the bonds shall be deposited in some designated bank to act as fiscal agent of the subdivision, at a rate of interest to be specified in the bid. The depository so designated must be a bank located in the State of Louisiana, which shall give security to the amount and in the manner required of fiscal agents and depositories of parishes, municipalities and public boards under the laws of Louisiana. If any premium is received, it shall be applied in the payment of the principal or interest of the bonds.