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HF 2043

as introduced - 87th Legislature (2011 - 2012) Posted on 03/12/2012 03:29pm

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

A bill for an act
relating to bonding; municipal bonds; modifying law relating to youth ice
facilities; amending Minnesota Statutes 2010, section 475.58, subdivision 3a.

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

Section 1.

Minnesota Statutes 2010, section 475.58, subdivision 3a, is amended to read:


Subd. 3a.

deleted text begin Youth icedeleted text end new text begin Recreationalnew text end facilities.

A municipality may, without regard to
the election requirement under subdivision 1 or under any other provision of law or home
rule charter, issue and sell obligations to deleted text begin refund existing debt of an indoor ice arenadeleted text end new text begin finance
the acquisition, improvement, construction, or renovation of a recreational facility
new text end that is
used predominantly for youth athletic activity if all the following conditions are met:

(1) the obligations are secured by a pledge of revenues from the facility; and

(2) the governing body of the municipality finds, based on analysis provided by a
professional experienced in finance, that the facility's revenues and other available money
will be sufficient to pay the obligations, without reliance on deleted text begin adeleted text end new text begin an additionalnew text end property tax
levy or the municipality's general purpose state aid.