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, Page 1 of 2 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: Page 2 of 2 CODING: Words in struck through type are deletions from existing law; words underscored are additions.