HF 3001

as introduced - 89th Legislature (2015 - 2016) Posted on 04/06/2016 12:34pm

A bill for an act
relating to state government; requiring disclosure of federal penalties relating
to purchase or sale of state bonds; proposing coding for new law in Minnesota
Statutes, chapter 16A.

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

Section 1.

new text begin [16A.6415] FEDERAL PENALTIES RELATING TO PURCHASE
OR SALE OF STATE BONDS.
new text end

new text begin (a) The commissioner must disclose to the legislative auditor any situation that the
commissioner believes potentially could subject the state or a state agency to payment of a
penalty to the federal government in connection with the purchase or sale of bonds issued
by the state. This disclosure must be made within ten days of the commissioner learning
of the situation that has potential to subject the state to a federal penalty.
new text end

new text begin (b) Payment of a penalty to the federal government in connection with the purchase
or sale of state bonds issued by the state must be made from funds appropriated for general
operations of the department. If the commissioner determines that it is not feasible to pay
the penalty from these funds, the commissioner may seek approval under the process in
section 3.30 for use of contingent account appropriations.
new text end

new text begin (c) The commissioner must disclose to the legislative auditor and to the chairs and
ranking minority members of the house of representatives Ways and Means Committee,
senate Finance Committee, and house of representatives and senate committees with
jurisdiction over capital investment the payment of a penalty by the commissioner or a
state agency to the federal government in connection with the purchase or sale of bonds
issued by the state. A disclosure under this paragraph must be made within ten days of the
commissioner or a state agency paying the penalty.
new text end