summary
Introduced
03/29/2021
03/29/2021
In Committee
12/16/2021
12/16/2021
Crossed Over
Passed
Dead
12/31/2022
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/192/S1335 |
Bill | https://malegislature.gov/Bills/192/S1335.pdf |
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