HF 2513

2nd Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to a baseball park; making legislative 
  1.3             findings and stating the intent and purpose of the 
  1.4             legislation; authorizing sale of state revenue bonds 
  1.5             and a loan of their proceeds; authorizing a process 
  1.6             for and selection of a local unit of government to 
  1.7             provide a site for a baseball park; providing for 
  1.8             financing, construction, and naming rights for the 
  1.9             baseball park; requiring the use of steel produced in 
  1.10            the United States from taconite produced in Minnesota; 
  1.11            providing for repayment of the loan and for certain 
  1.12            guarantees by certain parties; providing for 
  1.13            imposition of an admissions tax; imposing obligations 
  1.14            on the major league baseball team and the commissioner 
  1.15            of trade and economic development; requiring 
  1.16            appointment of a special panel to make certain 
  1.17            findings and determinations to the governor and the 
  1.18            legislative commission on planning and fiscal policy; 
  1.19            providing certain temporary tax exemptions; requiring 
  1.20            reports; amending Minnesota Statutes 2000, sections 
  1.21            16A.67, subdivision 1; 272.02, by adding a 
  1.22            subdivision; 297A.71, by adding a subdivision; 
  1.23            proposing coding for new law in Minnesota Statutes, 
  1.24            chapter 116J. 
  1.25  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.26     Section 1.  [FINDINGS AND INTENT.] 
  1.27     The legislature finds that major league professional 
  1.28  baseball has value to the citizens and economy of this state.  
  1.29  The legislature further finds that this value can and should be 
  1.30  protected through the construction of a new baseball park to 
  1.31  ensure the successful continuation of major league professional 
  1.32  baseball in Minnesota.  The legislature finds that this goal 
  1.33  requires a public/private partnership.  It is therefore the 
  1.34  intention of the legislature to support the construction of a 
  1.35  baseball park to be substantially financed with private support. 
  2.1      Sec. 2.  [PURPOSE.] 
  2.2      This act is designed to provide tax incentives to encourage 
  2.3   and stimulate private investment in a publicly owned baseball 
  2.4   park.  It is a further purpose of this act to move major league 
  2.5   baseball towards a revenue sharing agreement and an economic 
  2.6   system that makes baseball more competitive and protects the 
  2.7   financial interest of teams with below average revenues.  
  2.8   Therefore, a loan cannot be made until the governor, with advice 
  2.9   from a special panel and the legislative commission on planning 
  2.10  and fiscal policy, determines that major league baseball and the 
  2.11  major league baseball players' association have created a new 
  2.12  financial structure requiring the league to ensure 
  2.13  competitiveness among all major league professional baseball 
  2.14  teams, thereby enhancing the viability of any new baseball park. 
  2.15     Sec. 3.  Minnesota Statutes 2000, section 16A.67, 
  2.16  subdivision 1, is amended to read: 
  2.17     Subdivision 1.  [AUTHORIZATION.] (a) The commissioner of 
  2.18  finance is authorized to sell and issue state bonds to fund the 
  2.19  judgment rendered against the state by the Minnesota supreme 
  2.20  court in Cambridge State Bank et al. v. James, 514 N.W. 2d 565, 
  2.21  on April 1, 1994, and related claims, and interest accrued on 
  2.22  the judgment and related claims, to fund any bond reserve 
  2.23  determined to be necessary, and to pay costs of issuance of the 
  2.24  bonds.  The proceeds of the bonds are appropriated for these 
  2.25  purposes.  The principal amount of the bonds shall not exceed 
  2.26  $400,000,000.  The bonds shall be sold and issued upon such 
  2.27  terms and in such manner as the commissioner shall determine to 
  2.28  be in the best interests of the state.  The final maturity of 
  2.29  the bonds shall be not later than June 30, 2005.  
  2.30     (b) The commissioner of finance is authorized to sell and 
  2.31  issue state revenue bonds to fund a loan to a local government 
  2.32  unit in the metropolitan area to finance up to one-half of the 
  2.33  costs to design, acquire, construct, furnish, and equip a 
  2.34  baseball park to be owned by the local government unit and 
  2.35  leased to a major league professional baseball team, as provided 
  2.36  in sections 116J.425 to 116J.4291, to fund any bond reserve 
  3.1   determined to be necessary, and to pay costs of issuance of the 
  3.2   bonds.  The proceeds of the bonds are appropriated for these 
  3.3   purposes.  The principal amount of the bonds shall not exceed 
  3.4   the amount necessary to provide $140,000,000 for the loan plus 
  3.5   the amount necessary to establish the debt reserve and the costs 
  3.6   of issuance of the bonds.  The bonds shall be sold and issued 
  3.7   upon such terms and in such manner as the commissioner shall 
  3.8   determine to be in the best interests of the state.  The final 
  3.9   maturity of the bonds shall be not later than June 30, 2034. 
  3.10     Sec. 4.  [116J.425] [SELECTION PROCESS; BASEBALL PARK.] 
  3.11     (a) After the governor authorizes a loan to be made under 
  3.12  section 116J.4291, the commissioner of trade and economic 
  3.13  development shall select a unit of local government to provide a 
  3.14  site for the new baseball park. 
  3.15     (b) The required elements of the selection process are: 
  3.16     (1) the commissioner of trade and economic development 
  3.17  shall accept bids from any interested unit of local government 
  3.18  within the metropolitan area, as defined in section 473.121, 
  3.19  subdivision 2; 
  3.20     (2) acceptable bids must provide, at a maximum, for the 
  3.21  provision of land, in a condition appropriate for development, 
  3.22  and the provision of sufficient adjacent parking facilities to 
  3.23  be made available for use by the team; 
  3.24     (3) bids may not include other subsidies except private 
  3.25  improvements for the enhancement of the baseball park; 
  3.26     (4) the bid must specify the intent of the unit of local 
  3.27  government to own and operate the baseball park and demonstrate 
  3.28  a reasonable capacity to do so; 
  3.29     (5) in selecting a site, the commissioner of trade and 
  3.30  economic development shall consider public infrastructure costs 
  3.31  and significant potential development advantages; and 
  3.32     (6) the commissioner of trade and economic development 
  3.33  shall end the acceptance of bids 90 days after the governor's 
  3.34  authorization under section 116J.4291 and shall, after 
  3.35  considering the advice of the legislative commission on planning 
  3.36  and fiscal policy, select a site for a new baseball park within 
  4.1   150 days after that authorization. 
  4.2      Sec. 5.  [116J.426] [FINANCING; CONSTRUCTION; NAMING 
  4.3   RIGHTS.] 
  4.4      Subdivision 1.  [PRIVATE FUNDING; OWNERSHIP.] At least 
  4.5   one-half of the cost of the baseball park must be funded by the 
  4.6   owner of the major league professional baseball team or through 
  4.7   other private sector funding.  The local unit of government 
  4.8   shall own the baseball park.  
  4.9      Subd. 2.  [LOAN.] The commissioner of trade and economic 
  4.10  development shall, upon authorization by the governor made under 
  4.11  section 116J.4291, provide a loan, in an amount up to 
  4.12  $140,000,000, from the baseball park loan fund created under 
  4.13  section 116J.427 to the unit of local government selected to own 
  4.14  the new baseball park when funds from the major league 
  4.15  professional baseball team specified under subdivision 1 are 
  4.16  made available to that unit of government. 
  4.17     Subd. 3.  [REPAYMENT; GUARANTEE.] The loan must be repaid 
  4.18  to the baseball park loan fund by the local unit of government 
  4.19  using revenues from the lease with the team, ticket tax revenues 
  4.20  as provided under subdivision 5, payments under the guarantees 
  4.21  by the team and owners, and as necessary any other revenues 
  4.22  available to the local unit of government, including any 
  4.23  property tax revenues.  Any property tax levied to repay the 
  4.24  loan is outside the levy limits in sections 275.70 to 275.74.  
  4.25  Repayment must be in an amount sufficient to cover the principal 
  4.26  of the loan plus the interest paid by the state for the bonds 
  4.27  issued under section 16A.67, costs of issuance, any ongoing 
  4.28  costs related to the bonds issued, including but not limited to 
  4.29  trustee expenses, bond counsel expenses, and any arbitrage, and 
  4.30  any other costs incurred by the state related to the bonds.  
  4.31  Amortization payments on the loan must be structured to ensure 
  4.32  no cash loss to the general fund.  The loan must be 
  4.33  unconditionally guaranteed by major league baseball and by the 
  4.34  baseball team and personally guaranteed by the holders of the 
  4.35  majority equity interest in the baseball team.  The loan must be 
  4.36  repaid within 30 years after the date the first payment is due 
  5.1   and must not be forgiven. 
  5.2      Subd. 4.  [NAMING RIGHTS.] Naming rights from the major 
  5.3   league baseball park shall be sold by the unit of local 
  5.4   government that owns the baseball park.  Revenues from that sale 
  5.5   are to be retained by the unit of local government and must be 
  5.6   used for operating costs of the baseball park.  Any excess 
  5.7   revenues after operating costs are compensated for must be held 
  5.8   by the unit of government in a reserve account, and used for 
  5.9   long-term refurbishment of the baseball park. 
  5.10     Subd. 5.  [BASEBALL PARK ADMISSIONS TAX.] Notwithstanding 
  5.11  any other law, ordinance, or charter provision, the unit of 
  5.12  local government that owns the baseball park may, by resolution, 
  5.13  impose and maintain a ten percent admissions tax upon the 
  5.14  granting, issuance, sales, or distribution, by any private or 
  5.15  public person, association, or corporation, of the privilege of 
  5.16  admission to activities at the baseball park.  No other tax, 
  5.17  surcharge, or governmental imposition, except the taxes imposed 
  5.18  by chapter 297A, may be levied by any other unit of government 
  5.19  upon any such sale or distribution. 
  5.20     The admission tax must be stated and charged separately 
  5.21  from the sales price so far as practicable and must be collected 
  5.22  by the grantor, seller, or distributor from the person 
  5.23  admitted.  The tax is a debt from that person to the grantor, 
  5.24  issuer, seller, or distributor, and the tax required to be 
  5.25  collected is a debt owed by the grantor, issuer, seller, or 
  5.26  distributor to the local unit of government, recoverable at law 
  5.27  in the same manner as other debts.  Every person granting, 
  5.28  issuing, selling, or distributing tickets for such admissions 
  5.29  may be required, as provided in resolutions of the unit of local 
  5.30  government, to secure a permit, to file returns, to deposit 
  5.31  security for the payment of the tax, and to pay such penalties 
  5.32  for nonpayment and interest on late payments, as shall be deemed 
  5.33  necessary or expedient to assure the prompt and uniform 
  5.34  collection of the tax. 
  5.35     Subd. 6.  [MAJOR LEAGUE BASEBALL GUARANTY.] Before making a 
  5.36  loan under this section, the commissioner must execute an 
  6.1   agreement with the major league of which the baseball team is a 
  6.2   member and with major league baseball that guarantees the 
  6.3   continuance of a major league franchise in the metropolitan area 
  6.4   for at least the term of the loan under subdivision 2. 
  6.5      Sec. 6.  [116J.427] [BASEBALL PARK LOAN FUND.] 
  6.6      Subdivision 1.  [CREATION.] A baseball park loan fund is 
  6.7   created as an account within the special revenue fund. 
  6.8      Subd. 2.  [REVENUE BOND PROCEEDS.] After the governor 
  6.9   authorizes a loan to be made under section 116J.426, the 
  6.10  commissioner of finance shall transfer the proceeds of the bonds 
  6.11  sold under section 16A.67, subdivision 1, paragraph (b), to the 
  6.12  baseball park loan fund.  Funds from the repayment of the loan 
  6.13  made under section 116J.426, subdivision 3, must be transferred 
  6.14  from the baseball park loan fund to the special revenue fund 
  6.15  under section 16A.67, for repayment of the bonds issued. 
  6.16     Sec. 7.  [116J.428] [OBLIGATIONS; MAJOR LEAGUE PROFESSIONAL 
  6.17  BASEBALL TEAM.] 
  6.18     Subdivision 1.  [OBLIGATIONS PRIOR TO STATE 
  6.19  ASSISTANCE.] (a) The major league professional baseball team 
  6.20  must fully and completely do its part to accomplish the 
  6.21  requirements of paragraphs (b) and (c) before the governor may 
  6.22  authorize the commissioner to make the loan under section 
  6.23  116J.4291 and before the commissioner of finance may issue bonds 
  6.24  under section 16A.67. 
  6.25     (b) The requirements are that: 
  6.26     (1) a signed lease for not less than 30 years between the 
  6.27  unit of local government selected by the commissioner and the 
  6.28  major league professional baseball team must be completed, with 
  6.29  no escape clauses; 
  6.30     (2) the commissioner of finance must certify that the major 
  6.31  league professional baseball team has made available 
  6.32  $150,000,000 in private cash support to the local unit of 
  6.33  government for the construction of a baseball park; 
  6.34     (3) the major league professional baseball team has signed 
  6.35  an agreement with the unit of local government agreeing to allow 
  6.36  the baseball park to be available on nongame days for potential 
  7.1   use by the University of Minnesota, Minnesota state colleges and 
  7.2   universities, private colleges and universities, the state high 
  7.3   school league, and the unit of local government for community 
  7.4   events; 
  7.5      (4) the major league of which the baseball team is a member 
  7.6   and major league baseball have both executed an agreement with 
  7.7   the commissioner that guarantees the continuance of a major 
  7.8   league franchise in the metropolitan area for at least the term 
  7.9   of the loan under section 116J.426, subdivision 2; and 
  7.10     (5) the major league professional baseball team and major 
  7.11  league baseball have signed an agreement with the unit of local 
  7.12  government to cooperate in maintaining the facility as a 
  7.13  smoke-free facility. 
  7.14     (c) The major league baseball team must sign, as a 
  7.15  condition of receiving any state assistance, a contract with the 
  7.16  state under which the state would obtain from the team the 
  7.17  rights to the control and use of the team name and logo in the 
  7.18  event that the team relocates to another state.  Under such a 
  7.19  contract, the team must notify the state within 24 hours of 
  7.20  signing an agreement to relocate, and at midnight immediately 
  7.21  following notification all income from existing contracts for 
  7.22  the use of the team name and/or logo and all team property with 
  7.23  the team name and/or logo, other than personal property of team 
  7.24  members and principals, will become the property of the state. 
  7.25     Subd. 2.  [DESIGN AND CONSTRUCTION.] (a) The major league 
  7.26  professional baseball team shall design and construct the 
  7.27  baseball park and is responsible for all cost overruns that may 
  7.28  occur.  Before the design process is complete and construction 
  7.29  begins, the local unit of government and the team must hold at 
  7.30  least one public hearing on the proposed design.  All funds 
  7.31  appropriated to the unit of local government under sections 
  7.32  116J.425 to 116J.4291 shall be managed by the unit of local 
  7.33  government and made available to the team as the team deems 
  7.34  necessary for construction purposes. 
  7.35     (b) All construction materials for the baseball park 
  7.36  produced from or containing steel must use steel produced in the 
  8.1   United States from taconite produced in Minnesota.  The local 
  8.2   unit of government shall establish and impose on the major 
  8.3   league professional baseball team appropriate compliance 
  8.4   procedures. 
  8.5      Subd. 3.  [OBLIGATIONS DURING CONSTRUCTION.] The major 
  8.6   league professional baseball team during the period of 
  8.7   construction of a baseball park must: 
  8.8      (1) pay prevailing wage levels as defined under section 
  8.9   177.42 to all construction workers; 
  8.10     (2) provide to the commissioner of trade and economic 
  8.11  development a signed agreement between the major league 
  8.12  professional baseball team and the construction unions that will 
  8.13  work on the new baseball park that mandates a no-strike and 
  8.14  no-lockout period during construction of the baseball park; and 
  8.15     (3) pay any cost overruns that occur during the 
  8.16  construction period. 
  8.17     Sec. 8.  [116J.4285] [SALE OF BASEBALL FRANCHISE.] 
  8.18     Subdivision 1.  [APPLICATION.] As a condition of a loan 
  8.19  being made under section 116J.426, the owner of the major league 
  8.20  professional baseball team must agree that before the owner 
  8.21  sells a majority ownership interest in the team, the owner will 
  8.22  attempt for a reasonable time to comply with subdivision 2 or 
  8.23  with subdivision 3.  
  8.24     Subd. 2.  [COMMUNITY OWNERSHIP.] The owner of the team must 
  8.25  work with the governor, the commissioner, and a community 
  8.26  foundation or corporation on a plan to: 
  8.27     (1) transfer by gift to the foundation or corporation all 
  8.28  ownership interests in the team; 
  8.29     (2) provide for sale of shares in the team by the 
  8.30  foundation or corporation to the community, in a manner such 
  8.31  that:  
  8.32     (i) one individual or entity who is the managing partner 
  8.33  may own up to 25 percent of the voting stock; 
  8.34     (ii) no other individual or entity may own more than five 
  8.35  percent of the voting stock; and 
  8.36     (iii) at least 50 percent of the voting stock must be 
  9.1   dispersed so that no person owns more than one percent; and 
  9.2      (3) ensure that the franchise may not move from Minnesota 
  9.3   without approval of 80 percent of the shares of voting stock.  
  9.4      Subd. 3.  [LOCAL PRIVATE OWNERSHIP.] The owner of the team 
  9.5   must attempt to reach an agreement on the sale of a majority 
  9.6   interest in the team to one or more Minnesota buyers before 
  9.7   attempting to sell the majority interest to others. 
  9.8      Subd. 4.  [REPORT.] If the owner of the team attempts to 
  9.9   sell a majority interest in the team, the commissioner must 
  9.10  report to the legislature at the beginning of the next 
  9.11  legislative session on efforts to work with the owner of the 
  9.12  team to implement this section. 
  9.13     Sec. 9.  [116J.429] [OBLIGATIONS; DEPARTMENT OF TRADE AND 
  9.14  ECONOMIC DEVELOPMENT.] 
  9.15     The commissioner of trade and economic development shall 
  9.16  negotiate and sign a contract, on behalf of the state, with the 
  9.17  unit of local government for the loan made under section 
  9.18  116J.426, that includes the schedule of repayment, a guarantee 
  9.19  by the unit of local government that it will repay the loan, the 
  9.20  guarantees of the team and the holders of the majority equity 
  9.21  interest in the team that are required under section 116J.426, 
  9.22  subdivision 3, and that provides that the unit of local 
  9.23  government will prohibit smoking within the facility.  The terms 
  9.24  of the loan contract must require that at least one public 
  9.25  hearing on the proposed baseball park design will be held by the 
  9.26  local unit of government and the team before construction 
  9.27  begins.  The terms of the loan contract must require that the 
  9.28  major league baseball team must provide at least 10,500 seats to 
  9.29  be sold as general admission seats in the new baseball park. 
  9.30     Sec. 10.  [116J.4291] [GOVERNOR'S DETERMINATION; 
  9.31  AUTHORIZATION OF LOAN.] 
  9.32     (a) The governor shall appoint a special panel consisting 
  9.33  of three retired state court judges.  The special panel shall 
  9.34  review information from major league baseball to determine if 
  9.35  major league baseball and the major league baseball players' 
  9.36  association have agreed upon a new economic system, including 
 10.1   enhanced revenue sharing that makes baseball more competitive, 
 10.2   protects the financial interest of teams with below average 
 10.3   revenues, and enhances the viability of any new baseball park.  
 10.4   The special panel shall provide its determination to the 
 10.5   governor and to the legislative commission on planning and 
 10.6   fiscal policy.  
 10.7      (b) The panel may not make these findings under paragraph 
 10.8   (a), unless the agreement between major league baseball and the 
 10.9   major league baseball players' association is estimated to 
 10.10  satisfy at least one of the following: 
 10.11     (1) the increases in revenue sharing among major league 
 10.12  baseball teams is estimated, after full implementation of the 
 10.13  agreement, to reduce the disparity in team revenues so that the 
 10.14  average revenues of the teams with revenues in the top quartile 
 10.15  will be no more than 40 percent higher than the average revenues 
 10.16  of teams in the bottom quartile (ranked by total revenues); 
 10.17     (2) as a result of increases in revenue sharing, 
 10.18  limitations on payrolls, or other elements of the agreement, the 
 10.19  ratio of payrolls of the teams in the top quartile to teams in 
 10.20  the bottom quartile (ranked by payrolls) is estimated, after 
 10.21  full implementation of the agreement, to average 2:1 or less; or 
 10.22     (3) the agreement substantially implements four or more of 
 10.23  the recommendations, excluding the recommendation that major 
 10.24  league baseball utilize strategic franchise locations to address 
 10.25  competitive issues, of "The Report of the Independent Members of 
 10.26  the Commissioner's Blue Ribbon Panel on Baseball Economics," 
 10.27  dated July 2000. 
 10.28     The estimates under this paragraph must be made by either 
 10.29  the commissioner of finance or an independent consultant 
 10.30  retained by the commissioner of finance. 
 10.31     (c) The legislative commission on planning and fiscal 
 10.32  policy shall review the determination and make its advisory 
 10.33  recommendation to the governor on whether to authorize the 
 10.34  commissioner of trade and economic development to make a loan 
 10.35  under this act.  The governor may authorize the commissioner to 
 10.36  make a loan under sections 116J.425 to 116J.4291 only after 
 11.1   considering the recommendations and determining that major 
 11.2   league baseball and the major league baseball players' 
 11.3   association have agreed upon a new economic system, including 
 11.4   enhanced revenue sharing that makes baseball more competitive, 
 11.5   protects the financial interests of teams with below average 
 11.6   revenues, and enhances the viability of any new baseball park. 
 11.7      Sec. 11.  [116J.4292] [ANNUAL REPORT.] 
 11.8      If a loan is made under section 116J.426, beginning in 
 11.9   2002, the commissioner of finance must report by July 1 of each 
 11.10  year to the committees of the house of representatives and the 
 11.11  senate with jurisdiction over finance on: 
 11.12     (1) the current and anticipated loan repayment schedule and 
 11.13  whether payments are being made in a timely fashion; 
 11.14     (2) when the loan is expected to be repaid in full; 
 11.15     (3) state and local tax revenues resulting from naming 
 11.16  rights, admissions taxes, and any other revenue, or loss of 
 11.17  revenue, that can be attributed to the baseball park; and 
 11.18     (4) state and local expenditures that can be directly or 
 11.19  indirectly attributed to the baseball park. 
 11.20     Sec. 12.  Minnesota Statutes 2000, section 272.02, is 
 11.21  amended by adding a subdivision to read: 
 11.22     Subd. 45.  [BASEBALL PARK.] Real or personal property 
 11.23  acquired, owned, leased, controlled, used, or occupied as a 
 11.24  baseball park by a major league professional baseball team is 
 11.25  exempt from taxation but the property is subject to special 
 11.26  assessments levied by a political subdivision under chapter 429. 
 11.27  The baseball park includes parking facilities and land necessary 
 11.28  to and part of the use of the baseball park.  A use of the 
 11.29  property in any manner different from its use under sections 
 11.30  116J.425 to 116J.4291 at the time must not be considered in 
 11.31  determining the special benefit under chapter 429 received by 
 11.32  the properties.  Notwithstanding section 272.01, subdivision 2, 
 11.33  or 273.19, real or personal property at the site of the baseball 
 11.34  park leased by the local unit of government that operates the 
 11.35  baseball park to another person or entity for uses directly 
 11.36  related to the purposes of sections 116J.425 to 116J.4291 is 
 12.1   exempt from taxation regardless of the length of the lease.  
 12.2   This subdivision shall expire one month after repayment of the 
 12.3   loan under section 116J.426, subdivision 3. 
 12.4      Sec. 13.  Minnesota Statutes 2000, section 297A.71, is 
 12.5   amended by adding a subdivision to read: 
 12.6      Subd. 23.  [CONSTRUCTION MATERIALS; BASEBALL 
 12.7   PARK.] Materials, supplies, or equipment used or consumed in the 
 12.8   construction, equipment, or improvement of the baseball park 
 12.9   constructed under sections 116J.425 to 116J.4291, are exempt.  
 12.10  This subdivision expires one year after substantial completion 
 12.11  of the baseball park. 
 12.12     Sec. 14.  [OLYMPIC BID; FACILITY CONSTRUCTION.] 
 12.13     The governor must evaluate:  (1) the feasibility of 
 12.14  Minnesota preparing a bid to host the 2012 summer Olympics; and 
 12.15  (2) the possibility that hosting the 2012 summer Olympics may 
 12.16  result in sources other than the state or a local governmental 
 12.17  unit constructing facilities that could be used by Minnesota 
 12.18  professional sports teams after completion of the Olympics. 
 12.19     If the governor determines that preparation of a bid to 
 12.20  host the 2012 Olympics could be cost-beneficial to the state, 
 12.21  the governor, in consultation with appropriate persons in the 
 12.22  public and private sector, must take steps necessary to begin 
 12.23  bid preparation. 
 12.24     Sec. 15.  [EFFECTIVE DATE.] 
 12.25     Section 14 is effective the day following final enactment.