as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
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:
Minnesota Statutes 2004, section 118A.04,
subdivision 3, is amended to read:
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 agencynew text begin ; and
new text end
new text begin
(4) unrated general obligation securities of a local
government with taxing powersnew text end .