HF 2618

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act
  1.2             relating to capital investment; appropriating money 
  1.3             for University Enterprise Laboratories, a biotech 
  1.4             facility owned by the city of St. Paul; authorizing 
  1.5             the issuance of general obligation bonds. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATION; UNIVERSITY ENTERPRISE 
  1.8   LABORATORIES.] 
  1.9      $5,000,000 is appropriated from the bond proceeds fund to 
  1.10  the commissioner of employment and economic development for a 
  1.11  grant to the city of St. Paul to renovate, furnish, and equip 
  1.12  the University Enterprise Laboratories, a biotech facility owned 
  1.13  by the city of St. Paul, subject to Minnesota Statutes, section 
  1.14  16A.695, for an incubator for start-up biotech companies.  This 
  1.15  appropriation is not available until the commissioner has 
  1.16  determined that all funds necessary to complete the project are 
  1.17  committed from nonstate sources. 
  1.18     Sec. 2.  [BOND SALE.] 
  1.19     To provide the money appropriated by section 1 from the 
  1.20  bond proceeds fund, the commissioner of finance shall sell and 
  1.21  issue bonds of the state in an amount up to $5,000,000 in the 
  1.22  manner, on the terms, and with the effect prescribed by 
  1.23  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.24  Minnesota Constitution, article XI, sections 4 to 7. 
  1.25     Sec. 3.  [EFFECTIVE DATE.] 
  2.1      Sections 1 and 2 are effective the day following final 
  2.2   enactment.