HF 2364

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to municipalities; providing conditions for 
  1.3             authorizing the refunding of certain indoor ice area 
  1.4             debt; amending Minnesota Statutes 1998, section 
  1.5             475.58, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 475.58, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 3a.  [YOUTH ICE FACILITIES.] A municipality may, 
  1.10  without regard to the election requirement under subdivision 1 
  1.11  or under any other provision of law or home rule charter, issue 
  1.12  and sell obligations to refund existing debt of an indoor ice 
  1.13  arena that is used predominantly for youth athletic activity if 
  1.14  all the following conditions are met: 
  1.15     (1) the obligations are secured by a pledge of revenues 
  1.16  from the facility; and 
  1.17     (2) the governing body of the municipality finds, based on 
  1.18  analysis provided by a professional experienced in finance, that 
  1.19  the facility's revenues and other available money will be 
  1.20  sufficient to pay the obligations, without reliance on a 
  1.21  property tax levy or the municipality's general purpose state 
  1.22  aid.