SB 1069 Authorizes certain public entities to enter into agreements to modify payment terms for bonds based on changes in the purchase price of commodities
Sponsor: Engler
LR Number: 4562L.01I Fiscal Note: 4562-01
Committee: Financial & Governmental Organizations and Elections
Last Action: 2/27/2006 - Hearing Conducted S Financial & Governmental Organizations and Elections Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary


SB 1069 - This act authorizes certain state and local public entities and political corporations of the state to enter into agreements with other parties that provide for the fixing of the costs of certain commodities, such as the cost of purchasing fuel, electricity and natural gas. If such public entity or political corporation has bonds or other obligations that are outstanding or to be issued, the public entity or political corporation may enter into agreements providing for payments based on levels of, or changes in, interest rates. Such agreements may contain payment, security, default, remedy and other terms as determined by the public entity or political corporation after giving consideration to the creditworthiness of the other party.

JIM ERTLE