Louisiana Revised Statutes Tit. 38, § 435. Sale of bonds for redemption of outstanding bonds; disposition of surplus

The bonds, when negotiated as authorized by R.S. 38:433, shall be issued to the purchaser or purchasers thereof by the treasurer of the state upon the warrant of the auditor and in pursuance of a resolution of the board; and the purchase price shall be paid to the state treasurer and shall not be withdrawn from the state treasury except upon the warrant of the auditor and in pursuance of a resolution of the board and for the purpose of paying or redeeming, in whole or in part, the bonds of the board now outstanding. Bonds thus paid or redeemed shall be disposed of in the same manner as provided in R.S. 38:434 for bonds received in exchange. Any surplus remaining on hand from the proceeds from the sale of bonds negotiated, shall, after redemption of the bonds now outstanding, be transferred to the general account of the board.