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2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1129. Terms defined

RS 39:1129 - Terms defined
The term "general alimony tax" as used in this Chapter shall be construed to mean the parish or municipal tax authorized by Sections 11 and 12 of Art. XIV of the constitution of 1921 or such parish or municipal tax as may be authorized hereafter by constitutional provisions.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1171. Parish governing authorities, school boards and municipal corporations may appropriate portion of taxes to pay indebtedness

RS 39:1171 - Parish governing authorities, school boards and municipal corporations may appropriate portion of taxes to pay indebtedness
Parish governing authorities, school boards and municipal corporations, the city of New Orleans excepted, may dedicate, appropriate and pledge not more than two mills of the taxes respectively authorized to them for a period not exceeding twenty-five years, for the payment of any indebtedness, matured or unmatured, exclusive of bonded indebtedness, lawfully incurred or contracted prior to July 1, 1942, and they may issue certificates of indebtedness therefor.
Certificates of indebtedness may be issued also for the payment of all expenses incurred or contracted in the issuance of the certificates of indebtedness, and if the expenses are so provided for, certificates covering them shall be included in the issue herein provided for.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1172. Duty of governing authority when certificates are authorized

RS 39:1172 - Duty of governing authority when certificates are authorized
The certificates shall be issued only when authorized by ordinance or resolution passed by the governing authority issuing them and when certificates have been so authorized the governing authority shall dedicate, set aside and pledge not more than two mills of the tax authorized to them for the payment of the certificates, in principal and interest; and thereafter, to keep the funds derived from the tax separate from other funds of the parish, school board, or municipal corporation, and shall devote the entire proceeds of the tax as pledged, or so much thereof as may be necessary, to the payment of the principal and interest on the certificates.
The fund shall not be drawn upon to the prejudice of the certificates, or interest accruing thereon, by the governing authority issuing the certificates, or by its successors.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1173. To whom certificates of indebtedness may be issued

RS 39:1173 - To whom certificates of indebtedness may be issued
For the purpose of evidencing the indebtedness, the governing authorities of parishes, school boards and municipal corporations, subject to the conditions hereinafter prescribed in this Chapter, may issue to any creditor, his representative, assignee, or transferee, a certificate of indebtedness for the amount of the debt due him; provided that two or more debts may be combined and a certificate issued for the whole.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1174. Supplementary method of paying claims

RS 39:1174 - Supplementary method of paying claims
As an additional and supplementary method of paying and liquidating the claims, accounts or charges composing the aforesaid indebtedness, the governing authorities of municipal corporations, parishes, and school boards may fund the avails of all or any portion of the specified two mills tax into negotiable certificates of indebtedness. The avails shall be sufficient in amount to pay the principal and interest on the certificates which shall be secured exclusively as to payment as hereinbefore provided and which shall be in such denomination as the issuing body may prescribe by resolution or ordinance promulgated once in its official journal, or in any other newspaper in general circulation in the parish where the issuing body is situated.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1175. Contest

RS 39:1175 - Contest
For a period of thirty days after the promulgation of any resolution issuing the certificates of indebtedness as provided for in this Chapter, in whole or in part, any party in interest shall have the right of action in any court of competent jurisdiction to contest the correctness, the validity, and legality of the debts for which the certificates are issued, and also the issuance, the sale and the validity of the certificates of indebtedness, and the security pledged for the payment thereof.
After thirty days no one shall have the right to enter a contest for any cause whatsoever.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1176. Form of certificates

RS 39:1176 - Form of certificates
The certificates of indebtedness shall be executed and signed by the president and secretary or clerk of the parish governing body or school board, or by the mayor and secretary or clerk of the municipal corporation issuing them, or by other officials whose positions correspond to those mentioned. The interest shall be evidenced by coupons bearing facsimiles of the signatures of the above officials and the certificates shall be negotiable.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1177. Sale of certificates, par; interest

RS 39:1177 - Sale of certificates, par; interest
The certificates of indebtedness may be sold at either private or public sale within the discretion of the issuing bodies but no certificate shall be sold for less than par plus accrued interest to the date of delivery, and no certificate shall bear a greater rate of interest than six per cent per annum, payable semi-annually, or annually within the discretion of the issuing body, or run for a longer period than twenty-five years from its date.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1178. Sale of certificates; publication

RS 39:1178 - Sale of certificates; publication
A. If the issuing bodies deem it to their best financial interest to sell the certificates at public sale, then all certificates issued by authority of this Chapter shall be advertised for sale on sealed bids, and the advertisements shall be published at least one time in a newspaper published in the subdivision of the issuing body, or if there be none, in a newspaper published in the parish in which the subdivision is situated, or if there be none, then in a newspaper published in an adjoining parish and posted in three public places in the subdivision or parish of the issuing body, seven clear days before the date fixed for the reception of bids. Notice of the sale shall also be published one time at least seven clear days preceding the date fixed for the reception of bids in a newspaper of general circulation in a city of this state having a population of not less than twenty thousand according to the last federal census. The governing body may reject any and all bids.
B. If the certificates are not sold pursuant to such advertisement, they may be sold by the governing body at private sale, within thirty days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which had been received. If not so sold, the certificates shall be readvertised in the manner herein prescribed.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1179. Proceeds of sale of certificates to go into special fund

RS 39:1179 - Proceeds of sale of certificates to go into special fund
The proceeds from the sale of the certificates shall be deposited in a separate and special fund and used exclusively for the payment, satisfaction and liquidation of the claims, accounts or charges composing the indebtedness. The interest on the principal of the certificates, accruing from the dates thereof until the date of delivery to the purchasers, shall be deposited by the issuing body in a separate and segregated account in order to establish a sinking fund, to be added to and supplemented by the proceeds from the collections from the dedicated and pledged tax of two mills, or portion thereof, which segregated and special fund shall continue to exist and be preserved for the payment in full or the discharge of the certificates in principal and interests as they severally mature.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1211. Depositing authorities defined

RS 39:1211 - Depositing authorities defined
The term, "local depositing authorities", includes all parishes, municipalities, boards, commissions, sheriffs and tax collectors, judges, clerks of court, and any other public bodies or officers of any parish, municipality or township, but it does not include the state and its elected officials, and state commissions, boards, and other state agencies.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1212. Daily deposits

RS 39:1212 - Daily deposits
After the expiration of existing contracts, all funds of local depositing authorities shall be deposited daily whenever practicable, in the fiscal agency provided for, upon the terms and conditions, and in the manner set forth in this Chapter. Deposits shall be made in the name of the depositing authority authorized by law to have custody and control over the disbursements.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1213. Fiscal agencies designated

RS 39:1213 - Fiscal agencies designated
The fiscal agency with which funds are deposited shall be a stock-owned federally insured depository institution organized under the laws of this state or of any other state of the United States, or under the laws of the United States, as may be selected by the depositing authority under the provisions of this Chapter.
Acts 2001, No. 1223, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1214. Bids to be invited

RS 39:1214 - Bids to be invited
A. Local depositing authorities shall, within thirty days prior to the expiration of any contract that may be entered into under this Chapter, give written notice to each of the banks located in any parish which embraces all or any portion of the political subdivision in which the depositing authority is domiciled and for which it acts, setting forth the intention of the depositing authority to select a fiscal agency. This notice shall specify the time for which the fiscal agency contract shall be made and the conditions and terms of the fiscal agency contract proposed; and it shall invite bids under the terms and conditions of the proposal. A copy of the notice shall be published in the official journal of the depositing authority at least three times, the first notice to be published at least fifteen days preceding the date for the selection of the fiscal agency.
B. Notwithstanding any other provision of law to the contrary, the term of the local depository contract of the Lafayette Parish Clerk of Court for the fiscal agency may be for a period not to exceed the term of the clerk.
C. Notwithstanding any other provision of law to the contrary, the term of a fiscal agency contract of the Bossier Parish clerk of court may be for a period not to exceed the term of the clerk.
D. Notwithstanding any other provision of law to the contrary, the term of a fiscal agency contract of the Caddo Parish clerk of court may be for a period not to exceed the term of the clerk.
Amended by Acts 1968, No. 71, §1; Acts 1997, No. 190, §1; Acts 2005, No. 12, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1215. Depositing authorities located in parishes or municipalities of over one hundred thousand; private contract with banks

RS 39:1215 - Depositing authorities located in parishes or municipalities of over one hundred thousand; private contract with banks
A. If any local depositing authority, located in whole or in part in any parish or municipality with a population of over one hundred thousand, is unable to arrive at a satisfactory fiscal agency contract with a bank located in this state, it may consummate a private contract for deposits or loans or both, either within or without this state, subject to the following provisions:
(1) If any bank located within this state has signified in advance its intention to participate in the private contract and has further specified in advance the amount and extent to which participation is desired, the bank shall have the right to participate in the amount and to the extent so specified in advance, upon the same terms and conditions as all banks within or without the state participating in the private contract.
(2) No private contract shall be entered into by any depositing authority, located in whole or in part in any parish or municipality having a population of over one hundred thousand, with any bank, located either within or without the state at a greater rate of interest on loans than is provided for in this Chapter.
(3) For all funds deposited under any private contract entered into under the provisions of this Chapter, the depositing authority shall require from the depository bank security of the same class and in the same amount as provided for deposits of all other public funds under the provisions of this Chapter.
(4) All the provisions of this Chapter, relating to the method of realizing upon the security in the event of failure or suspension of any depository bank, except as these provisions may be in conflict with the laws of any state other than this state, shall be complied with and shall be acknowledged to be in full force and effect upon the consummation of the private contract with any bank within or without this state.
(5) The depositing authority may adjust the deposits under its control to the bank within or without the state which participate in the private contract in such proportionate amount as to compensate the bank for its participation therein.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1216. Depositing authorities located in parishes or municipalities of over one hundred thousand; supplemental private contracts with banks

RS 39:1216 - Depositing authorities located in parishes or municipalities of over one hundred thousand; supplemental private contracts with banks
If a local depositing authority, located in whole or in part in a parish or municipality having a population of over one hundred thousand finds existing contracts, or any subsequent contracts, inadequate to meet its needs and requirements, it may enter into such a supplemental contract with any bank within or without the state as is deemed necessary best to meet its needs and requirements; provided, that all of the provisions of this Chapter, with respect to security for deposits and other requirements are complied with.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1217. Depositing authorities located in parishes or municipalities of less than one hundred thousand; private contracts with banks

RS 39:1217 - Depositing authorities located in parishes or municipalities of less than one hundred thousand; private contracts with banks
If any depositing authority, located in any parish or municipality with a population of less than one hundred thousand, advertises for banks to qualify as fiscal agents under the provisions of this Chapter and no bank qualifies, or sufficient banks do not qualify, the depositing authority may make private arrangements and enter into written contracts, with respect to amounts to be loaned, interest on loans, and otherwise, not in conflict with any other provisions of this Chapter. The contracts shall be made with banks in the parish, municipality or congressional district, or as near thereto as practical.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1217.1. Depositing authorities located in parishes or municipalities of less than one hundred thousand; exemption

RS 39:1217.1 - Depositing authorities located in parishes or municipalities of less than one hundred thousand; exemption
Any depositing authority located in a parish or municipality with a population of less than one hundred thousand shall generally be exempt from the provisions of R.S. 39:1214 through 1242; however, such a depositing authority shall satisfy the security requirements of those Sections and of any other applicable state or federal laws or regulations. All funds except demand deposits under the control of such depositing authorities shall be placed in interest-bearing accounts at an interest rate of not less than twenty-five percent below the discount treasury bill rate with regard to treasury bills of comparable maturity on deposit within the parish or municipality, in state banks, national banks, or investments in obligations guaranteed by the federal government.
Acts 1989, No. 772, §2; Acts 2004, No. 560, §1, eff. July 1, 2004.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1218. Fiscal agent banks and private contract banks; security and service

RS 39:1218 - Fiscal agent banks and private contract banks; security and service
Any bank selected as the fiscal agency of any depositing authority, or any bank with whom a private contract is entered into, whether the bank is within or without the state, shall give security for the safekeeping and payment of the deposits and shall perform other services for the depositing authority as and in the manner provided elsewhere in this Chapter.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1219. Fiscal agent banks; trust funds and security

RS 39:1219 - Fiscal agent banks; trust funds and security
Any fiscal agent bank, operating under the laws of this state for the purpose of paying bonds and coupons of this state, of any political subdivision, or of any depositing authority, shall set aside all such funds deposited by any depositing authority as trust funds, and it shall deposit and maintain with an unaffiliated bank, the security designated in R.S. 39:1221 in the same manner provided in R.S. 39:1221; R.S. 39:1223; R.S. 39:1224. This security shall be for the account of the depositing authority, and, as a guarantee against loss to either the depositing authority or the holders of the bonds and coupons, it shall at all times be equal to one hundred per cent of the balance on deposit in the trust funds.
The provisions of this Section shall apply, except as they may be in conflict with the laws of other states, to all funds deposited in any bank located in any state other than this state, where money is deposited or paid for the purpose of paying bonds and coupons of any depositing authority.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1220.1. Local depositing authorities; activity charges

RS 39:1220.1 - Local depositing authorities; activity charges
Notwithstanding any provision of law to the contrary, all fiscal agent or depository banks shall pay at par and receive on deposit at par all checks and drafts drawn by or deposited for the account of the local depositing authority on whatsoever points the checks may be drawn, except as otherwise agreed upon by the parties. The local depositing authority may elect to pay for services rendered by the bank either through compensating balances or through the assessment of service or activity charges, or any combination thereof, as may be agreed upon by the local depositing authority and the fiscal agent or depositing bank.
Acts 1991, No. 1008, §2; Acts 1992, No. 587, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1222. Security of deposits; approval by depositing authority

RS 39:1222 - Security of deposits; approval by depositing authority
Where any fiscal authority elects to deposit as security any bonds, certificates of indebtedness, paving certificates, promissory notes, evidence of participation in promissory notes or other interest-bearing securities or obligations, these securities shall be approved by the depositing authority as being eligible as security under the terms of this Part and as being sufficient for the indemnity contemplated by this Part.
Amended by Acts 1968, No. 287, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1223. Security for deposits; value of securities

RS 39:1223 - Security for deposits; value of securities
Any bonds and certificates of indebtedness, including paving certificates, of any authority referred to in R.S. 39:1221(1), whose revenue in whole or in part is not derived from ad valorem taxes, and any paving certificates of any authority referred to in R.S. 39:1221(1), which are not secured by an unlimited ad valorem tax, and all other eligible bonds, certificates of indebtedness, paving certificates, promissory notes, evidence of participation in promissory notes and other interest-bearing securities or obligations shall be accepted as security at their market value excluding accrued interest; provided that in the case of bonds or other interest-bearing obligations guaranteed as to principal and interest by the United States or any agency thereof, or bonds of any parish, municipality, industrial district or industrial board which are secured by a lease executed in accordance with the provisions of Article XIV, Sections 14(b.2) and 14(b.3) of the Constitution of 1921 or R.S. 39:1001 et seq. or R.S. 51:1151 et seq., as amended, and partially or fully guaranteed by the Louisiana Board of Commerce and Industry in accordance with the provisions of the Bond Lease Guarantee Act* of the 1968 Regular Session of the Louisiana Legislature, the market value of said bonds or obligations, excluding accrued interest, shall not be deemed to exceed an amount in excess of the principal so guaranteed. The market value of the securities used to secure deposits as provided herein may be calculated on the basis of the quarterly reports of financial conditions submitted by the fiscal agent bank to the office of financial institutions, Federal Deposit Insurance Corporation, or Office of the Comptroller of the Currency using the valuations derived from any national securities index, register, or publication, or in any other reasonable manner acceptable to the depositing authority.
Amended by Acts 1968, No. 287, §1; Acts 1986, No. 373, §1.
*NOTE: ACTS 1968, NO. 697, A PROPOSED CONSTITUTIONAL AMENDMENT, WAS NOT APPROVED BY THE ELECTORATE.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1224. Security for deposits; authorized depositories

RS 39:1224 - Security for deposits; authorized depositories
The bonds, certificates of indebtedness, paving certificates, promissory notes, evidence of participation in promissory notes, and other interest-bearing securities or obligations furnished as security, shall be deposited with the depositing authority or with an unaffiliated bank or trust company or federal reserve bank or any Federal Home Loan Bank or its successor; such security, whether in the hands of the depositing authority or held in safekeeping or trust by any bank, trust company, federal reserve bank or Federal Home Loan Bank or its successor, shall be deemed to be under the control and in the possession of the depositing authority and deemed to be held in its name by the depository bank, trust company, federal reserve bank or Federal Home Loan Bank or its successor. The depository bank or trust company or federal reserve bank must be acceptable to both the depositing authority and the fiscal agent bank, and, if these two cannot agree, the commissioner of financial institutions shall designate a depository. Banks or trust companies which are subsidiaries of a bank holding company shall not be considered affiliated for the purposes of this Section.
Acts 1989, No. 772, §2; Acts 1990, No. 919, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1225. Security for deposits; amount of security

RS 39:1225 - Security for deposits; amount of security
The amount of the security shall at all times be equal to one hundred percent of the amount of collected funds on deposit to the credit of each depositing authority except that portion of the deposits insured by any governmental agency insuring bank deposits which is organized under the laws of the United States.
Acts 1995, No. 1126, §3, eff. June 29, 1995.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1226. Additional security; failure to provide

RS 39:1226 - Additional security; failure to provide
If the security required under the provisions of R.S. 39:1221, R.S. 39:1223, R.S. 39:1224, or R.S. 39:1225 is not furnished by a fiscal agency or depository bank, the depositing authority may require such additional or other security as shall bring the total to the required amount. If any bank fails to comply, within five business days from receipt of demand for such additional security, a meeting of the depositing authority may forthwith convene and declare the contract cancelled. If cancelled the depositing authority shall immediately proceed in the same manner as in the case of original letting, and relet the deposits of the bank for the unexpired term of the agency, under the terms and upon the conditions provided in this Chapter.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1227. Failure of depository; depositing authority holding own notes; right to set-off

RS 39:1227 - Failure of depository; depositing authority holding own notes; right to set-off
Any depositing authority which holds its own note as security, in whole or in part, for its deposits in any bank, shall, if the bank fails, have the right to set-off its deposits against its note; and shall have the same right with respect to evidence of participation by its own note held by it as security, provided the right of set-off does not affect the rights of other holders of evidence in the notes.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1228. Failure of depository; participation in dividends

RS 39:1228 - Failure of depository; participation in dividends
If any depository bank fails or suspends payment, the depositing authority shall participate in all dividends paid by the bank to other depositors, on the basis of the amount on deposit on the date the depository bank fails or suspends payment. The security shall be retained by the depositing authority, subject to the terms of R.S. 39:1222 and R.S. 39:1229, to enforce collection of that portion of the deposits which, in the opinion of the depositing authority, would result in a loss.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1229. Failure of depository; sale of security

RS 39:1229 - Failure of depository; sale of security
If any depository bank fails or suspends, or fails on due demand without just cause, to pay any funds deposited with it, the fiscal officer with whom the collateral has been deposited as security, by direction of the authority which let the deposit in the bank, shall, after ten days advertisement in any newspaper published at the domicile of the authority, sell the security for a sufficient amount to cover the deposit and accrued interest, to the highest bidder. The fiscal officer with whom the collateral was deposited as security may, with the approval of the depository bank, or receiver, or liquidator, or judge of court who has jurisdiction over the receiver or liquidator, sell at private sale the security or a sufficient amount thereof to cover the deposit.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1230. Deposit of proceeds of bonds; not subject to foregoing rules

RS 39:1230 - Deposit of proceeds of bonds; not subject to foregoing rules
Local depositing authorities which have the right to deposit public funds and which may have bonds for sale, may, pursuant to an agreement with the purchaser of the bonds, deposit the proceeds of the bonds, until used, in any bank located within or without the state which purchased the bonds or which may be designated by the purchaser of the bonds. The deposit shall be upon such terms and conditions, including security, as may be provided in the agreement; provided that the amount of security required shall at all times be equal to one hundred per cent of the balance on deposit, and the kind of security required shall be the same as that specified in R.S. 39:1221.
The provisions of R.S. 39:1220 shall not apply to any deposit made pursuant to this Section.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1231. Funds in registry of court; deposit

RS 39:1231 - Funds in registry of court; deposit
A. All funds deposited in the registry of any court or coming into the hands of the clerk of court in any judicial proceedings and not belonging to such officer, shall be deposited in the bank previously selected by the clerk of court as his fiscal agent subject to any rule or order of the court, except in the parish of Orleans, where such funds shall be subject to such rules and regulations as may be prescribed by the judges of the civil district court. The interest earned on all such deposits shall accrue to the party or parties finally decreed to be entitled to the ownership thereof.
B. All funds which are deposited in the registry of any court shall be deposited in interest-bearing accounts in any bank or savings and loan association previously selected by the clerk of court as his fiscal agent; however, in no case shall funds deposited in the registry of any court pursuant to an expropriation by declaration of taking or pursuant to any acquisition of property prior to judgment as provided by law be required to be deposited in an interest-bearing account as provided herein until thirty days after receipt by the court. Except as provided in R.S. 13:475(B) the interest earned on all such deposits shall accrue to the party or parties finally decreed to be entitled to the funds deposited.
Acts 1988, No. 678, §1; Acts 1991, No. 115, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1232. Responsibility of depositing officials

RS 39:1232 - Responsibility of depositing officials
The treasurer of any depositing authority, or any other public official, having custody of public funds, shall not be responsible for any money or moneys deposited in the bank selected by the authority having the right to select the depository under the provision of this Chapter, but depositing authorities shall be responsible for the safekeeping and returning of the collateral deposited with them by fiscal agent banks and depositories as security for the deposits made with fiscal agent banks and depositories.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1233. Bank officer who is member of depositing board not to vote for his bank

RS 39:1233 - Bank officer who is member of depositing board not to vote for his bank
An officer of any bank who is a member of any board having authority to let public funds shall not cast any vote in favor of any bank of which he is an officer.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1233.1. Bank officer, director, or employee who is member of depositing authority; recusal

RS 39:1233.1 - Bank officer, director, or employee who is member of depositing authority; recusal
Notwithstanding any provision of Chapter 15 of Title 42 of the Revised Statutes of 1950 or any other law to the contrary, any member of a local depositing authority, including the chief executive officer thereof, may serve as an officer, director, or employee, whether compensated or not, of any national or state bank; provided that he shall recuse himself from voting in favor of any such bank and shall disclose the reason for such recusal by filing same into the minutes or record of the local depositing authority and by forwarding a disclosure form to the Board of Ethics. The Board of Ethics shall develop, in accordance with the Administrative Procedure Act, a disclosure form to be utilized in complying with the provisions of this Section.
Acts 1991, No. 1008, §2; Acts 1996, 1st Ex. Sess., No. 64, §11, eff. Jan. 1, 1997.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1235. Termination of contracts; set-off by depository

RS 39:1235 - Termination of contracts; set-off by depository
Whenever the contract of any depositing authority with any fiscal agent or depository terminates by limitation or otherwise, or when any fiscal agent or depository fails or suspends payment, the fiscal agent or depository or the receiver or liquidator thereof, as the case may be, may charge against the balance of the depositing authority the amount due on any promissory note or evidence of participating in any promissory note of the depositing authority owned by fiscal agent or depository. However, in no case shall the right of set-off be effective as against the rights of any pledgee or transferee in due course for value of any such promissory note or evidence of participating in any promissory note of the depositing authority.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1241. Fiscal agent banks for cities over one hundred fifty thousand population

RS 39:1241 - Fiscal agent banks for cities over one hundred fifty thousand population
Fiscal agent banks for the deposit of funds belonging to cities in this state having a population exceeding one hundred fifty thousand according to the last preceding federal census of the United States, for which the official figures have been published, or any department, board, commission, or institution thereof, shall be selected and designated in the manner provided by resolution or ordinance of the commission council or the governing body, of the cities and under the terms and conditions deemed appropriate or advisable by them.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1243. Securities under control of depositing authorities

RS 39:1243 - Securities under control of depositing authorities
All securities pledged for deposit of public funds belonging to cities of this state having a population exceeding one hundred fifty thousand, either in physical possession of the depositing authority or deposited under joint custodianship in the safety deposit vault of the depository, or held in trust by any bank or trust company for account of any depositing authority under this Part, shall be deemed to be under the control and in the possession of the depositing authority and shall be delivered into the custody of the commissioners of public finance, or the finance officers of the cities for the account of the depositing authority if, as and when demanded; provided, that no depositing authority under this Part may make the demand unless it has first obtained the approval of the commission council or the governing body of the city in which the fiscal agent bank is located.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1244. Responsibility of depositing authorities for funds deposited; for collateral

RS 39:1244 - Responsibility of depositing authorities for funds deposited; for collateral
Neither the commissioners of public finance, nor the finance officers of cities located in this state having a population exceeding one hundred fifty thousand, nor any department, board, commission, or institution thereof, nor any other depositing authority named in this Part which has complied with the provisions contained herein, shall be responsible for any funds deposited in depositories selected by the commission councils or governing bodies of the cities; but all depositing authorities shall be responsible for the safe keeping and returning of the collateral deposited with them by fiscal agent banks as security for the deposits by them made with the depositories.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1245. Depositing authority and fiscal agent bank defined

RS 39:1245 - Depositing authority and fiscal agent bank defined
"Depositing authority" as used in this Part means the commissioner of public finance or the finance officer, or any department, board, commission, or institution of cities located in this state having a population exceeding one hundred fifty thousand according to the last preceding census of the United States for which the official figures have been published, and "fiscal agent bank" or "depository" means any bank selected and designated by the commission council or governing body of such cities, for deposit of funds belonging to or held in custody for the above designated cities or any department, board, commission, or institution thereof.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1272. Securities purchased may be cashed

RS 39:1272 - Securities purchased may be cashed
The political subdivision may also, at any time that may be deemed advisable, cash and liquidate any or all of the bonds, notes or certificates purchased for any particular fund, and the proceeds of the liquidation shall be credited to the fund from which the bonds, notes or certificates were originally purchased.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1273. Federal bonds and debentures as security for public funds

RS 39:1273 - Federal bonds and debentures as security for public funds
Federal farm loan bonds issued by federal land banks, debentures issued by federal intermediate credit banks, and debentures issued by banks for cooperatives are hereby designated as security for all character of public funds, especially for securing deposits in designated depositories for the funds of the various parishes, municipalities, levee boards, and other public bodies.
Amended by Acts 1958, No. 202, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1302. Definitions

RS 39:1302 - Definitions
For the purposes of this Chapter:
(1) "Adopted budget" means the budget adopted by the governing authority of the political subdivision inclusive of any and all amendments adopted by the governing authority to the proposed budget.
(2) "Governing authority" means the body which exercises the legislative functions of the political subdivision.
(3) "Political subdivision" means any:
(a) Parish governing authority and all districts, boards, or commissions created by such parish governing authority either independently or in conjunction with other units of government.
(b) Municipality and all boards and commissions created by such municipality, either independently or in conjunction with other units of government.
(c) School board.
(d) Special district created pursuant to and under the authority of Article VI, Section 16 or 19 of the Louisiana Constitution.
(e) City court.
(f) District public defender office.
(g) Housing authority.
(h) Mortgage authority.
(i) Political subdivisions of the state not included within the state's annual comprehensive financial reports required pursuant to R.S. 39:80.
(j) Registrar of voters.
(k) Independently elected parish offices, including the office of assessor, clerk of district court, coroner, district attorney, sheriff, and judges, but only insofar as their judicial expense funds, as provided for in Title 13 of the Louisiana Revised Statutes of 1950.
(4) "Political subdivision category" means a grouping of political subdivisions with similar governmental objectives.
(5) "Proposed budget" means the budget prepared and submitted to the governing authority of the political subdivision by the chief executive or administrative officer.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980; Acts 1988, No. 621, §1; Acts 1993, No. 236, §1, eff. June 1, 1993; Acts 1999, No. 692, §1; Acts 1999, No. 775, §2, eff. July 2, 1999; Acts 2007, No. 307, §7; Acts 2016, No. 520, §1; Acts 2022, No. 369, §2, eff. June 10, 2022.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1303. Legislative intent

RS 39:1303 - Legislative intent
A. It is the intent of the legislature that this Chapter shall apply, as provided for herein, to all political subdivisions of the state with a general fund or a special revenue fund, except that the provisions of R.S. 39:1307 related to public participation shall only apply to those political subdivisions with proposed expenditures totaling five hundred thousand dollars or more in such funds. The provisions of this Chapter shall be construed as minimal requirements and shall not prevent a political subdivision from requiring more extensive financial planning and budgeting practices nor from imposing more stringent penalties for violations.
B. Preparation and adoption of a budget by a political subdivision in any manner contrary to the provisions of this Chapter is hereby expressly prohibited.
C. It is the intent of the legislature that this Chapter shall apply to political subdivisions operating under a home rule charter or plan of government adopted or in existence pursuant to and under the authority of Article VI of the Louisiana Constitution of 1974 only if and when it does not conflict with the terms of the home rule charter or plan of government.
D. The provisions of this Act shall apply to school boards only if and when they do not conflict with R.S. 17:88(A).
E. The provisions of this Chapter shall not apply to funds received by district attorneys' offices pursuant to: (1) R.S. 16:15; (2) incentive payments for child support enforcement activities; unless proposed expenditures exceed $50,000.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980. Acts 1984, No. 186, §2; Acts 1985, No. 997, §1; Acts 2004, No. 552, §1, eff. June 25, 2004; Acts 2016, No. 520, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1304. Uniform chart of accounts

RS 39:1304 - Uniform chart of accounts
A. The legislative auditor shall develop a uniform chart of accounts for use by political subdivisions in recording of all financial transactions. The legislative auditor shall submit the proposed chart of accounts to the Joint Legislative Committee on the Budget for its approval. Any change to the approved chart of accounts shall be made in accordance with procedures contained in this Subsection.
B. The legislative auditor is authorized to create political subdivision categories for the purpose of carrying out the provisions of this Section. He may propose a different chart account for each political subdivision category. Any political subdivision category created pursuant to this Subsection shall be approved by the Joint Legislative Committee on the Budget.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980. Acts 1984, No. 186, §2; Acts 1988, No. 542, §1; Acts 1993, No. 236, §1, eff. June 1, 1993; Acts 1999, No. 775, §2, eff. July 2, 1999.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1306. Completion and submission of the proposed budget

RS 39:1306 - Completion and submission of the proposed budget
A. The proposed budget for political subdivisions with a governing authority including municipalities, parishes, school boards, and special districts shall be completed and submitted to the governing authority of that political subdivision and made available for public inspection as provided for in R.S. 39:1308 no later than fifteen days prior to the beginning of each fiscal year except that:
(1) The proposed budget for a school board shall be completed and submitted to the school board and made available for such public inspection no later than fifteen days prior to the date for budget adoption by school boards as required in R.S. 17:88(A).
(2) The proposed budget for a parish shall be completed and submitted to the parish governing authority and made available for such public inspection prior to the fifteenth day of the fiscal year for which the budget is to be applicable.
B. The proposed budget for a registrar of voters and independently elected parish offices including the office of assessor, clerk of district court, coroner, district attorney, and sheriff shall be completed and made available for public inspection as provided for in R.S. 39:1308 no later than fifteen days prior to the beginning of each fiscal year.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980, Amended by Acts 1981, No. 643, §1; Acts 1984, No. 186, §2; Acts 1993, No. 236, §1, eff. June 1, 1993; Acts 1999, No. 775, §2, eff. July 2, 1999; Acts 2001, No. 810, §1, eff. June 26, 2001; Acts 2001, No. 965, §1, eff. June 27, 2001.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1307. Public participation

RS 39:1307 - Public participation
A. Political subdivisions with total proposed expenditures of five hundred thousand dollars or more from the general fund and any special revenue funds in a fiscal year or other similar budgetary period shall afford the public an opportunity to participate in the budgetary process prior to adoption of the budget.
B. Upon completion of the proposed budget and, if applicable, its submission to the governing authority, the political subdivision shall cause to be published a notice stating that the proposed budget is available for public inspection. The notice shall also state that a public hearing on the proposed budget shall be held with the date, time, and place of the hearing specified in the notice. The notice shall be published at least ten days prior to the date of the first public hearing. Where applicable, publication shall be in the official journal of the political subdivision. Where there is no requirement that the political subdivision have an official journal, publication shall be in the official journal of the governing authority of the parish in which the political subdivision is located. In cases where the political subdivision is located within the boundaries of more than one parish, publication shall be in the official journal of the governing authority of each parish.
C. No proposed budget shall be considered for adoption or otherwise finalized until at least one public hearing has been conducted on the proposal. Nothing herein shall prohibit one or more political subdivisions from conducting joint public hearings.
D. The political subdivision shall certify completion of all action required by this Section by publishing a notice in the same manner as is herein provided for the notice of availability of the proposed budget and public hearing.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980; Acts 1999, No. 775, §2, eff. July 2, 1999; Acts 2004, No. 552, §1, eff. June 25, 2004.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:1308. Inspection of the proposed budget

RS 39:1308 - Inspection of the proposed budget
A. The proposed budget of a political subdivision shall be available for public inspection at the following locations:
(1) Municipalities: at the office of the mayor or municipal governing authority.
(2) School boards: at the school board office.
(3) Special districts: at the office of the governing authority of the special district.
(4) All other political subdivisions: at the office of the individual political subdivision.
(5) In cases where the political subdivision is located within the boundaries of more than one parish, the proposed budget shall be available at the office of the parish governing authority of each parish.
B. The district attorney for the Sixteenth Judicial District shall also post the proposed budget of his office on the official Internet website or portal of the district attorney of the Sixteenth Judicial District.
Added by Acts 1980, No. 504, §1, eff. Sept. 1, 1980. Acts 1984, No. 186, §2; Acts 1999, No. 775, §2, eff. July 2, 1999; Acts 2010, No. 680, §1, eff. July 1, 2010.