RÉSUMÉ DIGEST
ACT 300 (HB 176) 2015 Regular Session Shadoin
Existing law authorizes political subdivisions of the state to invest in certain obligations;
authorizes investment in bonds, debentures, notes, or other indebtedness issued by a state
other than La., any such state's political subdivisions, or by domestic U.S. corporations if
certain conditions are met.
Existing law provides that one such condition is the purchasing La. political subdivision shall
retain the services of an investment adviser registered with the U.S. Securities and Exchange
Commission. New law allows the purchasing La. political subdivision the option of
retaining the services of a trust company that has offices in La. and that is regulated by the
Office of Financial Institutions or the applicable federal agency and that owes a fiduciary
duty to act solely in the best interest of the political subdivision.
Effective August 1, 2015.
(Amends R.S. 33:2955(A)(1)(k)(iii) and (l)(iii))