§321.1. Treasury securities lending
A. Notwithstanding any provision of law to the contrary, the treasurer may engage in securities lending and may engage one or more financial institutions to act as securities lending agents for the state.
B. In the event of securities lending from any funds administered by the state treasury, all of the following requirements shall be met:
(1) The borrower shall provide collateral with a value equal to or greater than one hundred two percent of the market value of the securities lent by the state plus any accrued interest.
(2) The collateral shall be in the form of either cash, which may be invested in securities under Paragraph (3) of this Subsection, or securities that are authorized investments under R.S. 49:327(B).
(3) The collateral received as security for such lending shall be invested as authorized in R.S. 49:327(B) and held for safekeeping by a custodian.
C. The securities lending agent shall indemnify the state for any losses resulting from the default of a borrower.
Acts 2003, No. 560, §3, eff. June 27, 2003.
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