By Ms. Resor, a petition (accompanied by bill, Senate,
No. 1195) of Pamela P. Resor for legislation relative to
the purchase of municipal bonds by municipal employees.
Municipalities and Regional Government. |
By Ms. Resor, a petition (accompanied by bill, Senate,
No. 1195) of Pamela P. Resor for legislation relative to
the purchase of municipal bonds by municipal employees.
Municipalities and Regional Government. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section twenty of chapter two hundred sixty-eighty-A is amended by adding the following after the first sentence of sub-section (a):
This section shall not apply if such financial interest consists of the acquisition or ownership of a total of less than five per cent of the face value of any municipal bond issue of such city or town by a municipal employee (other than the mayor or a councilor of a city, a selectman of a town, or a treasurer or legal counsel of a city or town), a special municipal employee, or any member of his or her immediate family.
SECTION 2. This act shall take effect upon its passage.
