S1310B1849A07726     AJM:EAZ  12/13/11     #90        A07726

AMENDMENTS TO SENATE BILL NO. 1310

Sponsor: REPRESENTATIVE W. KELLER

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.