1.1                          A bill for an act
  1.2             relating to public administration; permitting the 
  1.3             state to purchase the Minnesota Twins; appropriating 
  1.4             money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PURPOSE.] 
  1.7      The legislature determines that: 
  1.8      (1) the Minnesota Twins are an important asset to the state 
  1.9   of Minnesota, both in terms of the economy and the quality of 
  1.10  life; 
  1.11     (2) ensuring that the Minnesota Twins franchise remains in 
  1.12  Minnesota is an important public purpose; 
  1.13     (3) providing community ownership of the Minnesota Twins 
  1.14  ensures that this important asset will remain in the state; 
  1.15     (4) providing community ownership of the Minnesota Twins 
  1.16  develops trust among fans, taxpayers, and the team, so that the 
  1.17  team enjoys popular support; and 
  1.18     (5) providing community ownership of the Minnesota Twins 
  1.19  ensures that the financial benefits of any new stadium will 
  1.20  accrue to those who pay its costs. 
  1.21     Sec. 2.  [APPROPRIATION; PURCHASE.] 
  1.22     The governor may use funds available in the budget reserve 
  1.23  and cash flow account in the general fund to purchase a 
  1.24  controlling interest in the Minnesota Twins on behalf of the 
  1.25  state of Minnesota for a fair market price.  Before making such 
  2.1   a purchase, the governor must consult with the legislative 
  2.2   advisory commission as provided by Minnesota Statutes, section 
  2.3   3.30.  The money needed to make this purchase is appropriated 
  2.4   from the general fund to the governor. 
  2.5      Sec. 3.  [PUBLIC OFFERING.] 
  2.6      After purchase of the team under section 2, the governor 
  2.7   must ensure that the bylaws of the corporation are changed so 
  2.8   that the team may not move from Minnesota without approval of at 
  2.9   least three-quarters of the shareholders.  The governor shall 
  2.10  then arrange for a public offering of stock of the Minnesota 
  2.11  Twins.  The state may retain an ownership interest in the team 
  2.12  and may be represented on the board of directors.  Proceeds from 
  2.13  the sale of stock must be deposited in the state general fund 
  2.14  and may be used for construction of a new stadium if authorized 
  2.15  by law. 
  2.16     Sec. 4.  [OPERATION.] 
  2.17     The state must contract with a private entity to operate 
  2.18  the team.  In entering into the contract, the state must ensure 
  2.19  that the private entity will be able to conduct the operations 
  2.20  of the team in the manner that a private business is operated, 
  2.21  and that the daily operations are independent from government 
  2.22  interference.  The governor shall attempt to ensure that the 
  2.23  private entity operating the team has a significant minority 
  2.24  ownership interest in the team, so as to provide the company 
  2.25  with financial incentives for efficient and effective operations.
  2.26     Sec. 5.  [EFFECTIVE DATE.] 
  2.27     Sections 1 to 4 are effective the day following final 
  2.28  enactment.