HF 74

as introduced - 89th Legislature (2015 - 2016) Posted on 01/12/2015 02:26pm

A bill for an act
relating to capital investment; authorizing additional housing infrastructure
bonds for Phase 2; appropriating money for public housing rehabilitation;
authorizing the sale and issuance of state bonds; amending Minnesota Statutes
2014, section 462A.37, by adding subdivisions.

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

Section 1.

Minnesota Statutes 2014, section 462A.37, is amended by adding a
subdivision to read:

new text begin Subd. 2b. new text end

new text begin Additional authorization for Phase 2. new text end

new text begin In addition to the amounts
authorized in subdivisions 2 and 2a, the agency may issue up to $80,000,000 of housing
infrastructure bonds in one or more series to which the payments made under this section
may be pledged. This money is for Phase 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2014, section 462A.37, is amended by adding a subdivision
to read:

new text begin Subd. 6. new text end

new text begin Additional appropriation. new text end

new text begin (a) The agency must certify annually to the
commissioner of management and budget the actual amount of annual debt service on
each series of bonds issued under subdivision 2b.
new text end

new text begin (b) Each July 15, beginning in 2016 and through 2038, if any housing infrastructure
bonds issued under subdivision 2b remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under
section 462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed
$6,400,000 annually. The amounts necessary to make the transfers are appropriated from
the general fund to the commissioner of management and budget.
new text end

new text begin (c) The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin MINNESOTA HOUSING FINANCE AGENCY; PUBLIC HOUSING.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $20,000,000 is appropriated from the bond proceeds
fund to the Minnesota Housing Finance Agency for transfer to the housing development
fund to finance the costs of rehabilitation to preserve public housing under Minnesota
Statutes, section 462A.202, subdivision 3a. For purposes of this section, "public
housing" means housing for low-income persons and households financed by the federal
government and owned and operated by the public housing authorities and agencies
formed by cities and counties. Public housing authorities receiving a public housing
assessment composite score of 80 or above are eligible to receive funding. Priority must
be given to proposals that maximize federal or local resources to finance the capital costs.
The priority in Minnesota Statutes, section 462A.202, subdivision 3a, for projects to
increase the supply of affordable housing and the restrictions of Minnesota Statutes,
section 462A.202, subdivision 7, do not apply to this appropriation.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $20,000,000 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

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end