ENROLLED
ACT No. 99
2019 Regular Session
HOUSE BILL NO. 159
BY REPRESENTATIVE BERTHELOT
1 AN ACT
2 To enact R.S. 39:1221(7), (8), and (9) and 1242(A)(4), (5), and (6), relative to security for
3 bank deposits made by local government; to provide relative to authorized securities;
4 and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 39:1221(7), (8), and (9) and 1242(A)(4), (5), and (6) are hereby
7 enacted to read as follows:
8 §1221. Security for deposits; kinds
9 Local depositing authorities shall require as security for deposits:
10 * * *
11 (7) Notwithstanding any other law to the contrary, any obligation, security,
12 or investment that a political subdivision of the state may invest in directly as
13 provided in R.S. 33:2955.
14 (8) Letters of credit issued by the Federal Home Loan Bank as authorized by
15 R.S. 6:318 or 748.1.
16 (9) Any recognized system or program providing Federal Deposit Insurance
17 Corporation insurance coverage as authorized by R.S. 6:319.
18 * * *
19 §1242. Security for deposits
20 A. The commissioner of public finance, or the finance officer of cities
21 having a population exceeding one hundred fifty thousand, or any department, board,
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HB NO. 159 ENROLLED
1 commission, or institution thereof, shall require as security for deposits belonging
2 to and held in their custody:
3 * * *
4 (4) Notwithstanding any other law to the contrary, any obligation, security,
5 or investment that a municipality may invest in directly as provided in R.S. 33:2955.
6 (5) Letters of credit issued by the Federal Home Loan Bank as authorized by
7 R.S. 6:318 or 748.1.
8 (6) Any recognized system or program providing Federal Deposit Insurance
9 Corporation insurance coverage as authorized by R.S. 6:319.
10 * * *
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.