Massachusetts § 49A - Minibonds; issuance and sale; limitations; regulations

§ 49A. Minibonds; issuance and sale; limitations; regulations

Section 49A. Notwithstanding any other general or special law to the contrary, whenever the state treasurer is authorized to issue and sell bonds of the commonwealth and the state treasurer determines to issue and sell all or a portion of such bonds in denominations of less than $5,000 (minibonds), the state treasurer may issue and sell such minibonds at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at par or at discount, in bearer or registered form, and upon such other terms and conditions, all as the state treasurer shall determine to be in the best interests of the commonwealth; provided that (1) not more than $50,000,000 principal amount of minibonds shall be sold by the state treasurer in any 1 fiscal year; (2) no minibond shall mature more than 5 years after its date; (3) no 1 sale to a purchaser of minibonds shall be in an aggregate principal amount equal to or greater than $5,000; and (4) each minibond. shall provide that it shall be redeemed by the commonwealth upon due presentation by an appropriate person on any business day after 1 year from its date of sale by the state treasurer at such price as the state treasurer shall determine according to a schedule established with respect to each issue of minibonds prior to the sale thereof. The state treasurer may adopt regulations with respect to the issuance and sale of minibonds. A facsimile of the signature of the state treasurer on minibonds shall have the same validity and effect as the state treasurer's written signature. Sections 45, 49, and 53 of this chapter shall not apply to the issuance of minibonds.