HF 17

as introduced - 87th Legislature, 2011 1st Special Session (2011 - 2012) Posted on 07/19/2011 02:45pm

A bill for an act
proposing an amendment to the Minnesota Constitution, amending article XI,
section 4, prohibiting the state use of appropriation bonds.

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

Section 1. new text begin CONSTITUTIONAL AMENDMENT PROPOSED.
new text end

new text begin An amendment to the Minnesota Constitution is proposed to the people. If the
amendment is adopted, article XI, section 4, will read:
new text end

Sec. 4.

new text begin (a) new text end The state may contract public debts for which its full faith, credit and taxing
powers may be pledged at the times and in the manner authorized by law, but only for
the purposes and subject to the conditions stated in section 5. Public debt includes any
obligation payable directly in whole or in part from a tax of state wide application on any
class of property, income, transaction or privilege, but does not include any obligation
which is payable from revenues other than taxes.

new text begin (b) Upon the adoption of this paragraph, the state shall not contract public debt
payable directly in whole or in part from a tax of state wide application on any class of
property, income, transaction, or privilege without a pledge by the state of its full faith,
credit, and taxing powers.
new text end

Sec. 2. new text begin SUBMISSION TO VOTERS.
new text end

new text begin The proposed amendment must be submitted to the people at the 2012 general
election. The question submitted must be:
new text end

new text begin "Shall the Minnesota Constitution be amended to prohibit the state use of public
debt that is not backed by the full faith and credit of the state?
new text end

	new text begin Yes . new text end
	new text begin No . " new text end