PRINTER'S NO. 1026
No. 940 Session of 1979
INTRODUCED BY REED, POTT, BURD, PERZEL, PUNT, LAUGHLIN, COHEN,
KUKOVICH, BROWN, KOWALYSHYN, PUCCIARELLI, MANMILLER, ZELLER
AND BORSKI, MARCH 28, 1979
REFERRED TO COMMITTEE ON FINANCE, MARCH 28, 1979
AN ACT
1 Authorizing the issuance and sale of minibonds by the State
2 Treasurer for certain purposes and providing for the
3 restrictions applicable to their use.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. The State Treasurer is authorized to issue bonds
7 to be known as "minibonds," at par or at discount in
8 denominations of $100, $500 and $1,000 to finance projects
9 authorized by law. They shall be in bearer or registered form,
10 mature in such amounts, upon such dates, at such interest rates,
11 and be payable at such time and in such manner, and upon such
12 other terms and conditions as he shall determine.
13 Section 2. Each minibond shall provide that it will be
14 redeemed by the Commonwealth upon its presentation by the lawful
15 holder thereof after one year from the date of its sale by the
16 State Treasurer at the price determined by him according to a
17 schedule established with respect to each issue of minibonds
18 before the sale thereof.
1 Section 3. The following restrictions shall be applicable to
2 the sale and use of minibonds:
3 (1) They may be sold at public or private sale.
4 (2) The principal amount thereof sold by the State
5 Treasurer in any fiscal year shall not exceed $3,000,000.
6 (3) The maturity date of such a bond shall not be more
7 than five years after its date.
8 (4) A sale to a purchaser of minibonds shall not be in
9 an aggregate principal amount of more than $5,000.
10 Section 4. The State Treasurer may promulgate rules and
11 regulations with respect to the issuance and sale of minibonds.
12 Section 5. This act shall take effect in 60 days.
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