HF 510

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital investment; appropriating money to
the commissioner of employment and economic
development for bioscience development; authorizing
the issuance of general obligation bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION.
new text end

new text begin $32,000,000 is appropriated from the bond proceeds fund to
the commissioner of employment and economic development to
predesign, design, construct, furnish, and equip transportation,
development, and redevelopment infrastructure required to
support bioscience development in Minnesota. Of this amount,
$8,000,000 shall be used in St. Paul, $8,000,000 in Minneapolis;
$8,000,000 in Rochester; and $8,000,000 in rural Minnesota.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated by section 1 from the
bond proceeds fund, the commissioner of finance shall sell and
issue bonds of the state in an amount up to $32,000,000 in the
manner, on the terms, and with the effect prescribed by
Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final
enactment.
new text end