Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

HF 1104

as introduced - 90th Legislature (2017 - 2018) Posted on 02/13/2017 12:11pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 2.1 2.2 2.3 2.4 2.5 2.6 2.7
2.8

A bill for an act
relating to capital investment; appropriating money for Northland Community and
Technical College in East Grand Forks; authorizing the sale and issuance of state
bonds.

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

Section 1. new text begin NORTHLAND COMMUNITY AND TECHNICAL COLLEGE; EAST
GRAND FORKS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $826,000 is appropriated from the bond proceeds fund
to the Board of Trustees of the Minnesota State Colleges and Universities to design, renovate,
furnish, and equip science and radiological lab space on the East Grand Forks campus.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $826,000 in the manner, upon 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

new text begin Subd. 3. new text end

new text begin Debt service. new text end

new text begin (a) The board of trustees shall pay the debt service on one-third
of the principal amount of state bonds sold to finance the project authorized by this section.
After each sale of general obligation bonds, the commissioner of management of budget
shall notify the board of the amounts assessed for each year for the life of the bonds.
new text end

new text begin (b) The commissioner of management and budget shall reduce the board's assessment
each year by one-third of the net income from investment of general obligation bond proceeds
in proportion to the amount of principal and interest otherwise required to be paid by the
board. The board shall pay its resulting net assessment to the commissioner of management
and budget by December 1 of each year. If the board fails to make a payment when due,
the commissioner of management and budget shall reduce allotments for appropriations
from the general fund otherwise available to the board and apply the amount of the reduction
to cover the missed debt service payment. The commissioner of management and budget
shall credit the payments received from the board to the bond debt service account in the
state bond fund each December 1 before money is transferred from the general fund under
Minnesota Statutes, section 16A.641, subdivision 10.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end