Louisiana Revised Statutes & Codes

La. Rev. Stat. § 40:474 (2026)

A. In connection with the issuance of any bonds that are to be sold in a public offering, the participating institution and the underwriter of such bonds shall be the housing authority's designated agents for the purpose of preparing all disclosure materials and otherwise ensuring that all requirements of federal and state laws are fully complied with in connection with such offering. The participating institution and such underwriter shall accept such appointment in writing and shall, unless such requirement is expressly waived by the local housing authority, agree to indemnify and hold harmless the housing authority, its representatives, and the state and its public agencies and their respective officials, officers and employees from any and all claims, losses or damages, howsoever arising, resulting from inaccurate, incomplete, false or misleading statements contained in such disclosure materials, except those provided to the participating agency or underwriter by the housing authority or from failure to comply in any respect with the requirements of federal or state laws.

✓ current as of May 2026

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§474. Underwriter as agent

A. In connection with the issuance of any bonds that are to be sold in a public offering, the participating institution and the underwriter of such bonds shall be the housing authority's designated agents for the purpose of preparing all disclosure materials and otherwise ensuring that all requirements of federal and state laws are fully complied with in connection with such offering. The participating institution and such underwriter shall accept such appointment in writing and shall, unless such requirement is expressly waived by the local housing authority, agree to indemnify and hold harmless the housing authority, its representatives, and the state and its public agencies and their respective officials, officers and employees from any and all claims, losses or damages, howsoever arising, resulting from inaccurate, incomplete, false or misleading statements contained in such disclosure materials, except those provided to the participating agency or underwriter by the housing authority or from failure to comply in any respect with the requirements of federal or state laws.

B. As used in this Section, "public offering" means any offering of bonds other than a private placement with a single financial institution, and "underwriter" means any person conducting such public offering as managing underwriter, senior managing underwriter, placement agent, or lead financial institution in a placement involving several financial institutions, or other such person or entity playing a similar role.

Amended by Acts 1950, No. 401, §18; Acts 1997, No. 1188, §1.

Notes of Decisions

Cited in 6 cases, 1960–1968 · leading case: Pub. Hous. Admin. v. Hous. Auth. of Bogalusa, 137 So. 2d 315 (La. 1961).

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Pub. Hous. Admin. v. Hous. Auth. of Bogalusa, 137 So. 2d 315 (La. 1961). · cites it 7× “R.S. 40:474 provides that Housing Authority provide for insurance in stock or in mutual companies; that in accordance with said annual *325 contribution contract the Housing Authority advertised for bids for fire and extended insurance on the above mentioned projects and did…”

S. Constr. Co. v. Hous. Auth., 197 So. 2d 628 (La. 1967). “LSA-R.S. 40:474 specifically authorizes the Housing Authority to sue and be sued.”

S. Constr. Co. v. Hous. Auth. of Opelousas, 189 So. 2d 454 (La. Ct. App. 1966). “The rationale of the Pittman case is that by waiving both immunity from suit and liability, the Legislature has waived the immunity from liability for interest.”

Herrin v. Perry, 215 So. 2d 177 (La. Ct. App. 1968). “2d 628 - (1967), and answered these questions as follows: “LSA-R.S. 40:474 specifically authorizes the Housing Authority to sue and be sued.”

Pub. Hous. Admin. v. Hous. Auth. of the City of Bogalusa, 129 So. 2d 871 (La. Ct. App. 1961). · cites it 2× “e or provide for the insurance in stock or mutual companies of any movable or immovable property or any operations of the authority against any risks it thinks advisable to insure against; * * * Appellants contend Housing Authority, under the provisions of the above quoted…”

Pub. Hous. Admin. v. Hous. Auth. of Bogalusa, 123 So. 2d 893 (La. 1960). · cites it 2× “LSA-R.S. 40:474(11) expressly authorizes Housing Authority to insure its property in either stock or mutual companies.”

— La. Rev. Stat. § 40:474(1) — 1 case

— La. Rev. Stat. § 40:474(11) — 3 cases

Pub. Hous. Admin. v. Hous. Auth. of Bogalusa, 137 So. 2d 315 (La. 1961). “R.S. 40:474 provides that Housing Authority provide for insurance in stock or in mutual companies; that in accordance with said annual *325 contribution contract the Housing Authority advertised for bids for fire and extended insurance on the above mentioned projects and did…”

Pub. Hous. Admin. v. Hous. Auth. of the City of Bogalusa, 129 So. 2d 871 (La. Ct. App. 1961). “e or provide for the insurance in stock or mutual companies of any movable or immovable property or any operations of the authority against any risks it thinks advisable to insure against; * * * Appellants contend Housing Authority, under the provisions of the above quoted…”

Pub. Hous. Admin. v. Hous. Auth. of Bogalusa, 123 So. 2d 893 (La. 1960). “LSA-R.S. 40:474(11) expressly authorizes Housing Authority to insure its property in either stock or mutual companies.”

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