BidLouisiana Guidelines

(Amended 1/1/2009)

BidLouisiana is an innovative and efficient means for investing in certificates of deposit. The program is designed to provide eligible Louisiana financial institutions with the opportunity to interactively compete for State of Louisiana investment dollars every quarter.

Bids will be accepted online at on the third Tuesday of every January, April, July and October for funding on the following business day. The auctions for six (6) month certificates of deposit will be held each quarter and will begin at 10:00 a.m. and end at 10:30 a.m. The amount of each auction will be determined by the State Treasurer prior to each auction and posted on the website.

Registration and Entry to Auction

  • Bidders must register with BidLouisiana. To register, bidders should go to the BidLouisiana web site. Upon registering, bidders will receive a BidLouisiana password and will be responsible for protecting the confidentiality of the password.

  • The State Treasurer reserves the right to deny access to any BidLouisiana auction to any bidder, at any time and for any reason whatsoever, in its sole discretion.
Bid Requirements
  • The minimum bid is $100,000.00. Bids may increase in increments of $100,000.00 to a maximum of $5,000,000.00 per institution- including all branch offices, per auction.

  • The minimum rate will be equivalent to the current six (6) month U.S. Treasury Bill discount rate and will be displayed on the auction page prior to the auction. Bids below the minimum rate will not be accepted.

  • Multiple bids from the same bidder are permissible. Each bidder may make up to five bids, the total of which may not exceed $5,000,000.00 per auction. There is no limit as to the number of times a bid may be updated/changed.

  • Settlement date is the next business day following the auction and will be displayed on the auction page.

  • Maturity date will be displayed on the auction page.

  • Certificates of deposit in excess of insurance coverage by the Federal Deposit Insurance Corporation (FDIC), Federal Savings and Loan Insurance Corporation (FSLIC) or National Credit Union Administration (NCUA) must be collateralized pursuant to Louisiana Revised Statutes, as amended. Credit Union deposits in excess of insurance coverage by NCUA must be collateralized in the same manner as required by R.S. 6:748.9 and R.S. 49:321. Collateral must be pledged in an amount not less than 102% for deposits in excess of the FDIC, FSLIC and NCUA coverage. Collateral must be delivered to a third party institution prior to the State wiring funds on settlement date.

  • Collateral Agreements must be signed by each financial institution and its depository and the original received at the State Treasurer's Office prior to the placement of any public funds. In the case of a depository that is a Federal Reserve Bank, the Collateral Agreements must only be signed by the financial institution, then forwarded to the State Treasurer's Office. A copy of the Collateral Agreements signed by the State Treasurer will be forwarded to the financial institution. Only those securities listed in the Collateral Agreements shall be pledged. A collateral substitution form must be provided to the State Treasurer's Office for approval with each request for substitution of collateral. For a copy of the forms of Collateral Agreements, please click the link titled "Collateral Agreement" at the bottom of these Guidelines. Please contact the Office of State Treasurer at 225-342-7004 for any issues regarding collateral.

  • Winning bidders will be assessed a fee equal to .025% of the principal amount of the certificates of deposit awarded. Such fee will be payable to Grant Street Group by ACH debit two business days following the auction. Completion of the ACH Debit Authorization on the Confirmation Page represents winning bidders authorization for Grant Street Group to debit their account. Failure to make timely payments of the Grant Street Group fee will result in exclusion from subsequent auctions.

  • If qualified bids submitted in the same auction by the same or different bidders result in a tie, the first bid submitted prevails. Any change to a bid constitutes a new bid.

  • Winning bidders must confirm their award per the instructions on the Confirmation Page immediately after the auction ends.
Certificate of Deposit Requirements
  • Interest on the certificate of deposit will be calculated on an Actual/360 day basis.

  • Certificates of deposit will be book-entry in the name of Treasurer, State of Louisiana. The Tax ID number is 72-6000839.

  • Transactions will be completed by wire transfer. The State Treasurer's wiring instructions are as follows: JPMorgan Chase Bank, Baton Rouge, LA; ABA #021000021, FAO #7900405426
Additional Conditions
  • The State Treasurer reserves the right to reject any BidLouisiana bid for any reason at his discretion. The State Treasurer also reserves the right to award a portion of a bank's bid subject to the minimum and multiple amounts described above.

  • Each bidder must acknowledge that he or she has read amendments to the Guidelines in each auction and indicate their agreement with the amendment electronically in order to enter the auction.

  • Submitted bids must also be verified. The bidder understands that in verifying the bid, the bidder has made a formal offer.

  • Bids that generate error messages are not accepted until error is corrected and bid is resubmitted. Error messages will indicate the reason for the error such as in the instance in which the bidder has entered a bid that is lower than the minimum bid requirement.

  • The bidder understands that the submitted bid may initially be a leading bid, but may be replaced by other more competitive bids throughout the auction. Bidders will know immediately if their bid continues to be a winning bid by updating their bids. A bid's status when "in the money" may change at any given time due to new bids by other bidders. It is the responsibility of the bidder to update his or her bid status. There is no limit to the number of times a bid may be updated.

  • A bidder submitting a winning bid is irrevocably obligated to provide the certificate of deposit at the specified rate, amount and maturity, if acceptable to the State Treasurer, as herein set forth. The bidder understands that an award has not been made until posted on the Results Page on the BidLouisiana site. Discrepancies should be reported to the Investment Division of the Office of State Treasurer at 225-342-7004 within 15 minutes of the posting of the Results Page.

  • In the event of a web site failure, the auction will be attempted at the top of every hour the day of the scheduled auction between the hours of 10:00 a.m. and 4:00 p.m. In the event that the auction is not completed on the scheduled day, the next attempt will be 10:00 a.m. the next business day. The State Treasurer will inform registered bidders of a change in the bidding format via phone, fax, or e-mail.
  • The Grant Street Group software, supplied by Grant Street Group, used in connection with this web site serves only as a medium through which the BidLouisiana auctions are conducted. Grant Street Group is not liable or responsible for the terms, rates, collateral or any other condition by which financial institutions are awarded quarterly deposits. Grant Street Group is not responsible for any defect or inaccuracy in the Guidelines as they appear on the BidLouisiana web site.

  • Neither the State Treasurer nor Grant Street Group is responsible for technical difficulties that result in the loss of bidders' Internet connection with BidLouisiana, slowness in transmission of bids or other technical problems. Neither the State Treasurer nor Grant Street Group is responsible for individual computer failures. In the event of a computer failure, bidders may contact the State Treasurer's Office at 225-342-7004 for possible alternate bidding options.

  • This web site is provided "as is" without warranty whatsoever. Grant Street Group hereby disclaims any and all warranties, including without limitation any implied warranties of merchantability and/or fitness for a particular purpose.

  • In no event will Grant Street Group be liable for indirect, special, incidental, economic, cover, consequential, tort or other damages (including without limitation damages or costs relating to the loss of profits, business, goodwill, data or computer programs, even if advised of the possibility of such damages), without regard to the legal theory of such damages, arising out of the use of or inability to use this web site.
Acceptance of Guidelines
  • Bidder accepts and agrees to abide by all terms and conditions specified in the Guidelines.

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