HF 3678

1st Committee Engrossment - 86th Legislature (2009 - 2010)

Posted on 03/19/2013 07:29 p.m.

1.1A bill for an act 1.2relating to housing; authorizing the sale and issuance of challenge program bonds 1.3for affordable housing and permanent supportive housing purposes; appropriating 1.4money;amending Minnesota Statutes 2008, section 462A.21, by adding a 1.5subdivision; proposing coding for new law in Minnesota Statutes, chapter 462A. 1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7ARTICLE 1 1.8APPROPRIATIONS 1.9 Section 1. new text begin SUMMARY OF APPROPRIATIONS. new text end 1.10 new text begin The amounts shown in this section summarize direct appropriations, by fund, made new text end 1.11 new text begin in this article. new text end 1.12 new text begin 2010 new text end new text begin 2011 new text end new text begin Total new text end 1.13 new text begin General new text end new text begin $ new text end new text begin -0- new text end new text begin $ new text end new text begin (2,400,000) new text end new text begin $ new text end new text begin (2,400,000) new text end 1.14 new text begin Total new text end new text begin $ new text end new text begin -0- new text end new text begin $ new text end new text begin (2,400,000) new text end new text begin $ new text end new text begin (2,400,000) new text end 1.15 Sec. 2. new text begin APPROPRIATIONS. new text end 1.16 new text begin The sums shown in the columns marked "Appropriations" are added to or, if shown new text end 1.17 new text begin in parentheses, subtracted from the appropriations in Laws 2009, chapter 78, article 1, new text end 1.18 new text begin to the agencies and for the purposes specified in this article. The appropriations and new text end 1.19 new text begin subtractions are from the general fund or another named fund, and are available for the new text end 1.20 new text begin fiscal years indicated for each purpose. The figures "2010" and "2011" used in this new text end 1.21 new text begin article mean that the addition to or subtraction from the appropriation listed under them new text end 1.22 new text begin is available for the fiscal year ending June 30, 2010, or June 30, 2011, respectively. new text end 2.1 new text begin Supplemental appropriations and reductions to appropriations for the fiscal year ending new text end 2.2 new text begin June 30, 2010, are effective the day following final enactment. new text end 2.3 new text begin APPROPRIATIONS new text end 2.4 new text begin Available for the Year new text end 2.5 new text begin Ending June 30 new text end 2.6 new text begin 2010 new text end new text begin 2011 new text end 2.7 Sec. 3. new text begin Challenge Program new text end new text begin $ new text end new text begin -0- new text end new text begin $ new text end new text begin (2,400,000) new text end 2.8 new text begin This reduction is from the appropriation new text end 2.9 new text begin for the economic development and housing new text end 2.10 new text begin challenge program under Minnesota Statutes, new text end 2.11 new text begin section 462A.33. new text end 2.12 new text begin In fiscal year 2011, the Housing Finance new text end 2.13 new text begin Agency shall transfer $2,400,000 from new text end 2.14 new text begin the economic development and housing new text end 2.15 new text begin challenge program in the housing new text end 2.16 new text begin development fund to the general fund. new text end 2.17 new text begin The base appropriation for the economic new text end 2.18 new text begin development and housing challenge program new text end 2.19 new text begin for fiscal years 2012 and 2013 is $6,993,000 new text end 2.20 new text begin for each year. new text end 2.21ARTICLE 2 2.22CHALLENGE BONDS 2.23    Section 1. Minnesota Statutes 2008, section 462A.21, is amended by adding a 2.24subdivision to read: 2.25     new text begin Subd. 33. new text end new text begin Challenge program bond account. new text end new text begin The agency may establish a new text end 2.26 new text begin challenge program bond account as a separate account within the housing development new text end 2.27 new text begin fund. Proceeds of challenge program bonds under section 462A.40 may be credited to the new text end 2.28 new text begin account. Money in the account is appropriated to the agency for the purposes for which new text end 2.29 new text begin the bonds are authorized under section 462A.40. The agency may transfer the proceeds new text end 2.30 new text begin of challenge program housing bonds to another account within the housing development new text end 2.31 new text begin fund that it determines appropriate to accomplish the purposes for which the bonds are new text end 2.32 new text begin authorized under section 462A.40. new text end 2.33 new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day following final enactment. new text end 3.1    Sec. 2. new text begin [462A.40] CHALLENGE PROGRAM BONDS; AUTHORIZATION AND new text end 3.2 new text begin STANDING APPROPRIATION. new text end 3.3     new text begin Subdivision 1. new text end new text begin Definitions. new text end new text begin (a) For purposes of this section, the following terms new text end 3.4 new text begin have the meanings given them. new text end 3.5 new text begin (b) "Challenge program bonds" means a bond, note, or other evidence of obligation new text end 3.6 new text begin of the agency issued and sold for the purposes specified in subdivision 2. new text end 3.7 new text begin (c) "Debt service" means the amount payable in any fiscal year of principal, new text end 3.8 new text begin premium, if any, and interest on challenge program bonds and the fees, charges, and new text end 3.9 new text begin expenses related to the bonds. new text end 3.10     new text begin Subd. 2. new text end new text begin Authority. new text end new text begin The agency may issue up to $30,000,000 of challenge program new text end 3.11 new text begin bonds in one or more series to which the payments made under this section may be new text end 3.12 new text begin pledged. The challenge program bonds authorized in this subdivision must be issued new text end 3.13 new text begin for the purpose of making grants and loans, on terms and conditions the agency deems new text end 3.14 new text begin appropriate: new text end 3.15 new text begin (1) to projects meeting the requirements of the economic development and housing new text end 3.16 new text begin challenge program under section 462A.33; or new text end 3.17 new text begin (2) to neighborhood land trusts authorized under section 46A.31 for land acquisition. new text end 3.18     new text begin Subd. 3. new text end new text begin No full faith and credit. new text end new text begin The challenge program bonds are not public debt new text end 3.19 new text begin of the state, and the full faith, credit, and taxing powers of the state are not pledged to the new text end 3.20 new text begin payment of the challenge program bonds or to any payment that the state agrees to make new text end 3.21 new text begin under this section. The bonds must contain a conspicuous statement to that effect. new text end 3.22     new text begin Subd. 4. new text end new text begin Appropriation; payment to agency or trustee. new text end new text begin (a) The agency must new text end 3.23 new text begin certify annually to the commissioner of management and budget the actual amount of new text end 3.24 new text begin annual debt service on each series of bonds issued under subdivision 2. new text end 3.25 new text begin (b) Each July 15, beginning in 2010 and through 2032, if any challenge program new text end 3.26 new text begin bonds issued under subdivision 2 remain outstanding, the commissioner of management new text end 3.27 new text begin and budget must transfer to the challenge program bond account established under new text end 3.28 new text begin section 462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed new text end 3.29 new text begin $2,400,000 annually. The amounts necessary to make the transfers are appropriated from new text end 3.30 new text begin the general fund to the commissioner of management and budget. new text end 3.31 new text begin (c) The agency may pledge to the payment of the challenge program bonds the new text end 3.32 new text begin payments to be made by the state under this section. new text end 3.33 new text begin (d) In each fiscal year for fiscal years 2010 through 2023, $2,400,000, less the new text end 3.34 new text begin amount transferred by the commissioner of management and budget under paragraph (b) new text end 3.35 new text begin for that fiscal year, is appropriated to the agency from the general fund for the purposes of new text end 3.36 new text begin the economic development and housing challenge program under section 462A.33. new text end 4.1 new text begin (e) Annually by August 1, the agency shall submit a statement to the chairs and new text end 4.2 new text begin ranking minority members of the house of representatives and senate committees with new text end 4.3 new text begin jurisdiction over housing policy and finance that identifies the amount of debt service as new text end 4.4 new text begin certified under paragraph (a), the transfer under paragraph (b), and the appropriation under new text end 4.5 new text begin paragraph (d). The statement may be submitted electronically, and is subject to section new text end 4.6 new text begin 3.195, subdivision 1. new text end 4.7 new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day following final enactment. new text end