FIFTY-FIRST LEGISLATURE

FIRST SESSION, 2013

March 2, 2013

Mr. Speaker:

    Your JUDICIARY COMMITTEE, to whom has been referred

HOUSE BILL 503

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 5, line 5, strike the ending quotation mark.

     2. On page 5, between lines 5 and 6, insert the following new subsections:

          "F. When bonds are sold at a negotiated sale, the terms of the bonds and comparable sale results for similar bonds shall be presented at a public meeting of the governing body of the municipal corporation.

          G. For purposes of this section, "negotiated sale" means a sale of the bonds to investors by a bond underwriter or a private placement of the bonds with a bank, financial institution, state instrumentality or other person, with interest rates, maturity dates and other terms that are satisfactory to the municipal corporation."".