Purpose


Amendments are being proposed to incorporate all of the relevant provisions in Rule Chapter 19-5 into Rule 19-5.001. The provisions, which were last updated in 1996, are being updated to ensure that it is clear that the review process does not differ depending on the amount of interest being requested. Provisions also are being updated to set fort the types of information that the Executive Director & CIO should consider in conducting an informal review of a governmental unit’s application for authority to sell bonds at an interest rate in excess of the legal limitation. Provisions also are being clarified to make it clear that the authorization to issue bonds at an interest rate in excess of the legal limitation expires 180 days after the authorization has been given. The amendments serve as informational updates. Statutory citations also are being updated.