TITLE

Georgia Governor Vetoes Derivatives Bill, Saying More Protection Needed

AUTHOR(S)
DeSue, Tedra
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/12/2003, Vol. 344 Issue 31655, p35
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Governor of Georgia Sonny Perdue vetoed a bill in June 2003 that would have given additional power to cities and counties to enter into swaps and other hedge products. He told that the legislation does not go far enough in adding safeguards to protect issuers from the risks associated with derivatives. The legislation simply amended existing state law governing revenue bonds to include language regarding hedge products, such as swaps. Georgia municipalities are able to enter into hedge product agreements, but such transactions are consummated with a qualified legal opinion regarding enforceability, which makes some dealers reluctant to do the transactions.
ACCESSION #
10069707

 

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