HOUSE BILL REPORT

HB 1397

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

Revising provisions on state and local government bond issuance information.

House Committe on Local Government

Majority Report:  Do pass.  (13)

      Signed by Representatives Haugen, Chair; Cooper, Vice Chair; Beck, Bumgarner, Butterfield, Dorn, Ferguson, Hine, Jones, Nealey, Nelson, Nutley and Rayburn.

House Staff:Steve Lundin (786-7127)

AS PASSED HOUSE FEBRUARY 8, 1988

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:

Information concerning the issuance of state bond issues is required to be submitted to the department of community development.  The summaries of information about bond issues that the department publishes would include information about state bond issues.

Information about a bond issue is to be provided by the underwriter or purchaser of the bond issue, instead of the issuer or the state fiscal agency, if the state fiscal agency acts as the bond registrar.  The amount of time after an issuance of bonds is made when the information must be provided is reduced from thirty days to twenty days.

The department of community development is authorized to adopt rules requiring underwriters and bond counsels to submit information concerning bond issues.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Sharon Yamamoto, Department of Community Development.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    The state already supplies this information voluntarily.  This is the only centralized location of bond information.  This is usable by local governments.  The underwriter is the one with this information.

House Committee - Testimony Against:      None Presented.