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HF 3042

as introduced - 90th Legislature (2017 - 2018) Posted on 03/12/2018 04:22pm

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

A bill for an act
relating to economic development; port authorities; requiring a majority vote of
commissioners to approve real property sales and transfers; amending Minnesota
Statutes 2016, section 469.055, subdivision 7.

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

Section 1.

Minnesota Statutes 2016, section 469.055, subdivision 7, is amended to read:


Subd. 7.

Sale of realty.

The authority may sell, convey, and exchange any real or personal
property owned or held by it in any manner and on any terms it wishes. Real property owned
by the authority must not be sold, deleted text begin bedeleted text end exchanged, or have its title transferred without approval
of deleted text begin two-thirdsdeleted text end new text begin a majoritynew text end of the commissioners. All commissioners must have ten days'
written notice of a regular or special meeting at which a sale, conveyance, exchange, or
transfer of property is to be voted on. The notice must contain a complete description of the
affected real estate. The resolution authorizing the real estate transaction is not effective
unless a quorum is present.