HF 3443

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to public finance; requiring that the 
  1.3             principal underwriter of issues of state bonds be a 
  1.4             financial institution in Minnesota; amending Minnesota 
  1.5             Statutes 1997 Supplement, section 16A.641, subdivision 
  1.6             4. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1997 Supplement, section 
  1.9   16A.641, subdivision 4, is amended to read: 
  1.10     Subd. 4.  [SALE AND ISSUANCE.] State bonds must be sold and 
  1.11  issued upon sealed bids in the manner and on the terms and 
  1.12  conditions determined by the commissioner in accordance with the 
  1.13  laws authorizing them and subject to the approval of the 
  1.14  attorney general, but not subject to chapter 14, including 
  1.15  section 14.386.  Each bid shall provide that the principal 
  1.16  underwriter is a financial institution whose principal place of 
  1.17  business is in the state of Minnesota.  For each series, in 
  1.18  addition to provisions required by subdivision 3, the 
  1.19  commissioner may determine:  
  1.20     (1) the time, place, and notice of sale and method of 
  1.21  comparing bids; 
  1.22     (2) the price, not less than par for highway bonds; 
  1.23     (3) the principal amount and date of issue; 
  1.24     (4) the interest rates and payment dates; 
  1.25     (5) the maturity amounts and dates, not more than 20 years 
  1.26  from the date of issue, subject to subdivision 5; 
  2.1      (6) the terms, if any, on which the bonds may or must be 
  2.2   redeemed before maturity, including notice, times, and 
  2.3   redemption prices; and 
  2.4      (7) the form of the bonds and the method of execution, 
  2.5   delivery, payment, registration, conversion, and exchange, in 
  2.6   accordance with section 16A.672.