§ 39:1366 — Duties of state treasurer

Louisiana § 39:1366

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

(1) The state treasurer shall arrange for notice and sale of bonds issued by the State Bond Commission. Notice of sale and advertisement shall be at least seven days in advance of the date of sale, in newspapers or financial journals published at such places as the State Bond Commission may determine. The state treasurer may cancel or postpone the sale to an indefinite date by public announcement made prior to or at the time and place fixed for the sale of the bonds.
(2) The state treasurer shall deliver or cause to be delivered bonds sold by the State Bond Commission that are payable from the Bond Security and Redemption Fund, upon payment in full therefor. In the event the purchase price is not paid, the bonds so sold but not paid for may be resold by the State Bond Commission upon notice as provided in the original sale.
(3) The proceeds derived from the issue and sale of bonds and notes or other obligations shall be deposited in a special fund in the state treasury to be known as the Capital Improvement Bond Fund and shall be used solely for the purposes for which the bonds or obligations are authorized. The state treasurer shall invest all or any part of bond proceeds in the Capital Improvement Bond Fund in accordance with law. Any interest or profit derived from the investment of such bond proceeds shall be credited to the Bond Security and Redemption Fund.
The state treasurer shall disburse such proceeds from the sale of bonds or notes payable from the Bond Security and Redemption Fund to the appropriate agency at such time or times as such funds are required for the purposes for which said bonds or notes were issued.
(4) The state treasurer, directly or through state fiscal agent banks or a Louisiana trust company or companies, or other duly authorized agents, shall make payment of principal and interest on bonds and notes issued by the State Bond Commission and payable from the Bond Security and Redemption Fund on the respective dates of maturity of said bonds and notes, or on the dates fixed for the prior redemption, and on the respective due dates of all coupons or interest payment dates pertaining to any of said bonds and notes, other than coupons cancelled because of the redemption of any of said bonds prior to maturity.
(5) The state treasurer shall maintain records on the debt of the state and its agencies with respect to amounts authorized, issued, outstanding, schedule of payments, fiscal agents, amounts held in reserve, ratings of bonds, costs of issuing bonds, disposition of bond proceeds and all other related matters.
(6) The state treasurer shall advise the governor, the legislature, and other public officials with respect to the issuance and sale of bonds and all other related matters, and shall provide comprehensive and continuing reporting to rating services, financial institutions, prospective bond buyers, other interested persons, and the general public on all matters relating to the issuance and sale of bonds, the debt structure, and the management of the debt of the state of Louisiana and its agencies. Any expense incurred in performance of duties as specified in this Section shall be paid from the Bond Security and Redemption Fund.
(7) The state treasurer shall inform the Division of Administration of amounts due from the Bond Security and Redemption Fund for the payment of interest on bonds and notes and for bond retirement and redemption in each ensuing fiscal year and of any plans to redeem bonds in advance of maturity, to refund bonds, or to establish reserve or sinking funds to meet future bond payments.

Legislative History

Added by Acts 1968, Ex.Sess., No. 27, §1. Amended by Acts 1972, No. 124, §1; Acts 1975, No. 764, §1; Acts 2004, No. 93, §1, eff. July 1, 2004.