Author: Curt Thomas SchneiderPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
(1) Industrial revenue bond issues to qualify as exempt from Ch. 62, L. 1977 (Act), must comply with SEC Rule 146, and securities commissioner is without authority to promulgate regulations requiring municipalities to file notice of any reliance upon exemption from Act. (2) An IRB notice is timely filed if originally complete and on file at least 30 days prior to issuance of bonds. Securities commissioner has authority to find IRB notice timely filed if it has been on file requisite 30 days even if it was filed before effective date of Act. (3) The term "complete" as employed in the Act means that items of information and documents all as specifically delineated in Act are filed in commisisoner's office without regard to substance or content. (4) Commissioner has discretion to interpret provisions of the Act and may do so by issuing non-rule or nonregulation guidelines, but which are not binding and enforceable. (5) Commissioner is not authorized to require evidence of compliance with Section 5 as a condition of his finding IRB notice to be complete and timely filed.
