State Codes and Statutes
Statutes > Massachusetts > PARTI > TITLEIII > CHAPTER29 > Section49ASection 49A. Notwithstanding any other provisions of the laws of the commonwealth, whenever the state treasurer is authorized to issue and sell bonds of the commonwealth and he determines to issue and sell all or a portion of such bonds in denominations of less than five thousand dollars (minibonds), he may issue and sell such minibonds at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at par or at discount, in bearer or registered form, and upon such other terms and conditions, all as he shall determine to be in the best interests of the commonwealth; provided that (1) not more than fifty million dollars principal amount of minibonds shall be sold by the state treasurer in any one fiscal year; (2) no minibond shall mature more than five years after its date; (3) no one sale to a purchaser of minibonds shall be in an aggregate principal amount equal to or greater than five thousand dollars; and (4) each minibond shall provide that it shall be redeemed by the commonwealth upon due presentation by an appropriate person on any business day after one year from its date of sale by the state treasurer at such price as the state treasurer shall determine according to a schedule established with respect to each issue of minibonds prior to the sale thereof. The state treasurer may adopt regulations with respect to the issuance and sale of minibonds. A facsimile of the signature of the state treasurer on minibonds shall have the same validity and effect as his written signature. Sections forty-five, forty-nine, and fifty-three of this chapter shall not apply to the issuance of minibonds.
