HF 26

as introduced - 87th Legislature (2011 - 2012) Posted on 01/10/2011 11:05am

A bill for an act
relating to capital improvements; appropriating money for the city of Preston to
restore a historic grain elevator; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin APPROPRIATION; CITY OF PRESTON GRAIN ELEVATOR
RESTORATION.
new text end

new text begin $450,000 is appropriated from the bond proceeds fund to the Minnesota Historical
Society for a grant to the city of Preston to preserve Minnesota's history and cultural
heritage by acquiring and predesigning, designing, and renovating to its 1916 condition
the grain elevator, bagging shed, scale house, and dock in the city. The city may enter
into a lease or management agreement for this project, subject to Minnesota Statutes,
section 16A.695.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated in section 1 from the bond proceeds fund, the
commissioner of management and budget shall sell and issue bonds of the state in an
amount up to $450,000 in the manner, upon the terms, and with the effect prescribed by
Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
new text end

Sec. 3. new text begin DEBT SERVICE.
new text end

new text begin The amount necessary to pay the debt service on the bonds issued in section 2
is annually appropriated from the arts and cultural heritage fund under the Minnesota
Constitution, article XI, section 15, to the commissioner of management and budget for
transfer to the bond debt service account in the state bond fund. The commissioner of
management and budget shall determine the debt service amount required by this section
as provided in Minnesota Statutes, section 16A.643.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 3 are effective the day following final enactment.
new text end