HF 1917

1st Engrossment - 84th Legislature (2005 - 2006)

Posted on 12/15/2009 12:00 a.m.

A bill for an act
relating to local government; authorizing the
investment of funds in certain securities; amending
Minnesota Statutes 2004, section 118A.04, subdivision
3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 118A.04,
subdivision 3, is amended to read:

Subd. 3.

State and local securities.

Funds may be
invested in the following:

(1) any security which is a general obligation of any state
or local government with taxing powers which is rated "A" or
better by a national bond rating service;

(2) any security which is a revenue obligation of any state
or local government with taxing powers which is rated "AA" or
better by a national bond rating service; deleted text begin and
deleted text end

(3) a general obligation of the Minnesota housing finance
agency which is a moral obligation of the state of Minnesota and
is rated "A" or better by a national bond rating agency new text begin ; and
new text end

new text begin (4) unrated general obligation securities of a Minnesota
local government with taxing powers new text end .