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 the winning bidder must provide either a wire transfer of federal funds, a certified check, or a cashier's check for 2% of the par value of the bonds offered for sale, or a surety bond in the same amount. This requirement applies to all bidders except for the federal government and the state of Louisiana. Additionally, the bill specifies that the wire transfer, check, or bond must be payable to the state treasurer.

Furthermore, 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 allows for greater flexibility in determining the maturity dates and amounts of bonds maturing at each date. The bill will 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)