Public entities may contract for securities-related services, and the contract is exempt from the public contracts law and the Louisiana Procurement Code.
§1435. Contractual services; exemption; payment A. Public entities may contract for the services of a financial institution or other person, located in or out of the state, to perform any or all of the following functions with respect to an issue of fully registered securities and such contractual arrangement shall be exempt from the public contracts law, R.S. 38:2181 through 2317, and the Louisiana Procurement Code, R.S. 39:1551 through 1755: (a) authentication, transfer, registration, exchange, mechanical, clerical functions, and any other duty or function of a ministerial, record keeping, or mechanical nature relating to the issuance of securities; (b) record or bookkeeping or book entry functions; (c) preparation, signing, and issuance of checks or warrants in payment of debt service or other obligations of the public entity issuing the securities; (d) preparation and maintenance of reports and accounts; (e) performance of other duties related to the issuance and payment of the securities. B. The cost of said functions, whether incurred under a contract or through direct performance by the issuing public entity, may be paid from the proceeds of the sale of the securities or from other funds lawfully available for such purpose. C. The records of ownership, registration, transfer, and exchange of the aforesaid registered securities and of persons to whom payment with respect to such securities is made shall be exempt from the public records law, Title 44 of the Louisiana Revised Statutes. Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.