TITLE 39. PUBLIC FINANCE

SUBTITLE II. LOCAL FINANCE

CHAPTER 7. LOCAL DEPOSITORIES

PART I. GENERAL PROVISIONS

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.