Minnesotans could invest in state general obligation bonds in denominations as small as $500, under a proposal approved by a House division.
HF796, sponsored by Rep. Terry Morrow (DFL-St. Peter), would establish a Minnesota First bond program that would allow Minnesota Management and Budget to issue a portion of state general obligation bonds to individual investors.
The bill would require MMB to administer the program and develop a marketing plan for the bonds, and place a yet-to-be-determined limit on the percentage of state bonds that could be sold under the program.
Morrow said the idea for the bill came from contractors and construction companies who want to invest in state bonds. He said MMB officials have told him that they support the idea and that brokers and dealers see it as another investment option they would like to have.
The House State Government Finance Division approved the bill March 18 and referred it to the House Capital Investment Finance Division. Sen. Steve Murphy (DFL-Red Wing) sponsors the companion, SF1016, which awaits action by the Senate State Government Budget Division.
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