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Bill > S1335


MA S1335

Relative to proceeds from the sale of bonds


summary

Introduced
03/29/2021
In Committee
12/16/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation relative to proceeds from the sale of bonds. Municipalities and Regional Government.

AI Summary

This bill amends Section 20 of Chapter 44 of the General Laws, which relates to the treatment of premiums and accrued interest received from the sale of municipal bonds and notes. The key provisions are: 1) Any premium received from the sale of notes, less the costs associated with issuing the notes, shall be applied to the first interest payment on the notes. 2) Any premium received from the sale of bonds, less the costs associated with issuing the bonds, shall be applied to pay the costs of the project being financed by the bonds and to reduce the amount authorized to be borrowed for the project. 3) Notwithstanding the above, any premium and accrued interest not exceeding $50,000 may be applied, with the approval of the chief executive officer, for the payment of indebtedness.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (5)

Last Action

Bill reported favorably by committee and referred to the committee on Senate Rules (on 12/16/2021)

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