§ 19-204. Form of bonds

   (a) Scope of section. -- This section applies only to the following governmental entities:

   (1) a county;

   (2) a municipality;

   (3) a public corporation of the State;

   (4) a sanitary commission or district; and

   (5) a unit, public corporation, or other instrumentality of a county or a municipality.

(b) General authority. -- Notwithstanding any other law, a governmental entity authorized to issue bonds may issue bonds in a form that qualifies as a registered form under § 103 and 149 of the Internal Revenue Code or a regulation adopted under those sections.

(c) Ancillary powers. -- Whenever a governmental entity provides for the sale of bonds in registered form, the governmental entity may:

   (1) establish procedures for the registration and transfer of the bonds;

   (2) appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent;

   (3) in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the bonds, make agreements with:

      (i) custodian banks and their nominees; or

      (ii) financial intermediaries and their nominees; and

   (4) exercise any other power that relates to issuance of bonds in registered form.

HISTORY: An. Code 1957, art. 31, § 30(a)(3), (4), (b); 2013, ch. 119, § 2.