HF 3928

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

  1.1                          A bill for an act 
  1.2             relating to airports; requiring the metropolitan 
  1.3             airports commission to make a deposit to reimburse the 
  1.4             city of Richfield for certain expenditures; removing 
  1.5             certain requirements in relation to federal law; 
  1.6             amending Laws 1999, chapter 243, article 16, section 
  1.7             35, subdivision 3; repealing Laws 1999, chapter 243, 
  1.8             article 16, section 35, subdivision 7. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Laws 1999, chapter 243, article 16, section 35, 
  1.11  subdivision 3, is amended to read: 
  1.12     Subd. 3.  [METROPOLITAN AIRPORTS COMMISSION BONDS; 
  1.13  SECURITY.] The metropolitan airports commission shall must issue 
  1.14  and sell its obligations in an aggregate principal amount not to 
  1.15  exceed $30,000,000, after deducting costs of issuance, discount, 
  1.16  and capitalized interest.  The metropolitan airports commission 
  1.17  shall must, not later than January 30, 2000, transfer December 
  1.18  31, 2000, deposit in a special account of the metropolitan 
  1.19  airports commission which may be a construction fund or account 
  1.20  under a trust indenture the sum of $30,000,000 to the city of 
  1.21  Richfield to be used to finance solely to reimburse the city of 
  1.22  Richfield for expenditures it incurs for the costs of land and 
  1.23  structure acquisition, demolition, relocation and site 
  1.24  clearance, and public improvements within the airport impact tax 
  1.25  zone established under subdivision 1, including, without 
  1.26  limitation, the following housing replacement activities 
  1.27  anywhere within the city:  rehabilitation, acquisition, 
  2.1   demolition, relocation assistance, and relocation of existing 
  2.2   single-family or multifamily housing, and financing of new or 
  2.3   existing single-family or multifamily housing that replaces 
  2.4   housing units eliminated by redevelopment within the airport 
  2.5   impact zone.  Amounts must be promptly disbursed from the 
  2.6   special account of the metropolitan airports commission to the 
  2.7   city of Richfield upon submission by the city to the 
  2.8   metropolitan airports commission of documentary evidence showing 
  2.9   that amounts claimed by the city were actually expended by the 
  2.10  city for the purposes stated in this subdivision.  The 
  2.11  documentary evidence must consist of underlying accounting 
  2.12  records and corroborating evidence such as invoices, vouchers, 
  2.13  and cost allocation plans, or, if this underlying accounting 
  2.14  data is not available, by audited financial statements that 
  2.15  clearly identify the expenses as incurred for the purposes 
  2.16  stated in this subdivision. 
  2.17     Sec. 2.  [REPEALER.] 
  2.18     Laws 1999, chapter 243, article 16, section 35, subdivision 
  2.19  7, is repealed.