AI-assisted research summary: The state treasurer must carry out a bond exchange and handle the related cancellation, records, and transfers; the board must set the exchange rate at not less than par.
§434. Exchange of new for old bonds; duties of state treasurer and auditor The direct exchange of bonds shall be effected by the state treasurer, upon the warrant of the auditor of the state, in pursuance of a resolution of the levee board or levee and drainage board. The treasurer, immediately upon effecting the exchange, shall cancel by irremediably defacing the bonds received in exchange and immediately draw up a proces verbal which shall be made in triplicate reciting the transaction giving an exact description of the bonds exchanged, by the number, series, date, maturity, etc. The treasurer shall keep one original in his office and shall transmit one original to the state auditor to be kept there on file and one original to the secretary of the levee board or levee and drainage board. The bonds received in exchange and cancelled by being defaced shall be immediately transmitted by the treasurer to the secretary of the board to be destroyed by the board in open session at the meeting of the board next following the date of transmission. A proces verbal of the destruction, giving the description of the bonds by numbers, series, denominations, etc., shall be entered upon the minutes of the meeting, and when the exchange has been finally completed, a general proces verbal of the destruction shall be signed by the president and secretary of the board respectively and published in the official journal of the state, and a certified copy thereof shall be filed with the state auditor. The board shall fix the rate not to be less than par at which the bonds shall be exchanged. Acts 1985, No. 785, §1, eff. July 22, 1985. {{NOTE: REGARDING R.S. 38:431-436, SEE ALSO R.S. 38:1117(A)(3) AS PER ACTS 1985, NO. 466, §2, WHICH MAY BE CONFLICTING.}}