SENATE BILL REPORT

HB 1060

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

Senate Hearing Date(s):March 16, 1989; March 23, 1989

Majority Report:  Do pass as amended.

      Signed by Senators McCaslin, Chairman; Thorsness, Vice Chairman; Conner, Sutherland.

Senate Staff:Sam Thompson (786-7754)

                   March 23, 1989

AS REPORTED BY COMMITTEE ON GOVERNMENTAL OPERATIONS, MARCH 23, 1989

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 reported.  Summaries of the information are published twice a year.

SUMMARY:

Information concerning state bond issues must be submitted to the Department of Community Development.  Summaries of information will include details of state and local government bond issues.

The underwriter or purchaser of the bond issue will provide information, instead of the issuer or the state fiscal agency.  Information about bonds must be provided within 20 days of issuance, rather than 30 days.

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

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

SUMMARY OF PROPOSED SENATE AMENDMENT:

If the issuer of the bond makes a direct or private sale to a purchaser without benefit of an underwriter, the issuer must supply the information concerning the bonds.

Senate Committee - Testified: Jean Ameluxen and Pete Butkus, Department of Community Development