Senate Bill No. 149, introduced by Senator Foil, amends the provisions related to the issuance and sale of general obligation bonds in Louisiana. The bill modifies the requirements for bids, stating that each bid must be in writing, signed, and sealed, or submitted electronically as authorized by the State Bond Commission. It replaces the previous requirement for bids to be accompanied by a certified check or cashier's check for 2% of the bond's par value with a new provision that allows the winning bidder to provide this amount through a wire transfer, certified check, cashier's check, or surety bond, all payable to the state treasurer. Notably, this requirement does not apply to bids from the federal government or the state of Louisiana and its agencies.

Additionally, the bill removes the stipulation that maturity dates and mandatory sinking fund installment dates must occur at annual or semiannual intervals from the date of the bonds. This change provides more flexibility for the issuing agency in determining the maturity schedule. The bill is set to take effect upon the governor's signature or after the expiration of the time for bills to become law without the governor's signature.

Statutes affected:
SB149 Original: 39:1365(7)
SB149 Engrossed: 39:1365(7)