Conflict of Interest

(a)Notwithstanding any provision of law to the contrary whenever an Authority of the government sells bonds at a private sale, no person standing in a fiduciary relationship with the Authority shall purchase any of the bonds. COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS

(b)As used in this Section, person means a natural person, corporation, partnership, trust or the employer of a natural person.

(c)If the provisions of this Section are violated then the sale of the bonds to the violating person shall be deemed null and void ab initio.

(d)Bonds unsold at bona fide public offerings can be held by the underwriters at the bona fide public offering prices, less the underwriter’s discount.