S1310B1849A07726 AJM:EAZ 12/13/11 #90 A07726
AMENDMENTS TO SENATE BILL NO. 1310
Printer's No. 1849
Amend Bill, page 27, by inserting between lines 3 and 4
Section 1404.1. Sale of bonds.
The sale of bonds issued under this article shall be subject
to the following:
(1) The authority shall give first consideration to
issuing the bonds by means of an open, public sale at not
less than 98% of the principal amount and accrued interest
and shall be sold by the authority to the highest and best
bidder after public advertisement on terms and conditions and
upon open competitive bidding. The manner and times of
advertising shall be prescribed by the authority.
(2) If in the judgment of the authority, a public sale
will not produce the most advantageous terms that derive the
most benefit to employers, employees and the Commonwealth,
the authority shall adopt a resolution setting forth in
detail the reasons for this determination. A copy of the
resolution shall be transmitted to the Governor, the chairman
and minority chairman of the Labor and Industry Committee of
the Senate and the chairman and minority chairman of the
Labor and Industry Committee of the House of Representatives.
After adoption of the resolution, the authority shall have
the option to pursue a private sale.