FINAL BILL REPORT

HB 1060

                                  C 225 L 89

BYRepresentatives Cooper, Ferguson and Haugen; by request of Department of Community Development

Revising provisions on issuing state and local government bonds.

House Committe on Local Government

Senate Committee on Governmental Operations

SYNOPSIS AS ENACTED

BACKGROUND:

Legislation was enacted in 1985 requiring local governments to provide the Department of Community Development with certain information about bonds that they issue.  The department prepares a standard form on which this information is provided.  The department publishes summaries of this information twice a year.

SUMMARY:

The Department of Community Development also must include information about state government bond issues in its summaries of information on recent bond issues.

The requirement is added that information must be supplied on the costs of issuing the bonds.  The bond counsel for the issuer must supply information on the amount of any fees that are charged for services rendered regarding the bond.

Information about a bond issue is to be provided by the underwriter.  In cases where the sale of the bonds is made directly to a purchaser, without using an underwriter, the issuer must supply the information.  The time limit for providing the information to the department is reduced.

The Department of Community Development is authorized to adopt rules requiring underwriters and bond counsel to submit information concerning bond issues.

VOTES ON FINAL PASSAGE:

      House 94   0

      Senate    47     0 (Senate amended)

      House 95   0 (House concurred)

EFFECTIVE:July 23, 1989