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HF 3668

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

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

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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

A bill for an act
 relating to public facilities; increasing the bonding authority of the Public
Facilities Authority; amending Minnesota Statutes 2004, section 446A.12,
subdivision 1.

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

Section 1.

Minnesota Statutes 2004, section 446A.12, subdivision 1, is amended to
read:


Subdivision 1.

Bonding authority.

The authority may issue negotiable bonds in a
principal amount that the authority determines necessary to provide sufficient funds for
achieving its purposes, including the making of loans and purchase of securities, the
payment of interest on bonds of the authority, the establishment of reserves to secure its
bonds, the payment of fees to a third party providing credit enhancement, and the payment
of all other expenditures of the authority incident to and necessary or convenient to carry
out its corporate purposes and powers, but not including the making of grants. Bonds of
the authority may be issued as bonds or notes or in any other form authorized by law. The
principal amount of bonds issued and outstanding under this section at any time may not
exceed deleted text begin $1,250,000,000deleted text end new text begin $1,500,000,000new text end , excluding bonds for which refunding bonds or
crossover refunding bonds have been issued.