HF 420

4th Engrossment - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Brooklyn Park; authorizing its 
  1.3             economic development authority to exercise housing 
  1.4             improvement powers and issue bonds. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [BROOKLYN PARK; ECONOMIC DEVELOPMENT 
  1.7   AUTHORITY.] 
  1.8      Subdivision 1.  [HOUSING IMPROVEMENT AREAS.] The city of 
  1.9   Brooklyn Park may, by resolution, authorize its economic 
  1.10  development authority to exercise all or any part of the powers 
  1.11  of the city under Minnesota Statutes, sections 428A.11 to 
  1.12  428A.20.  The authority may establish one or more housing 
  1.13  improvement areas within the city under that authority. 
  1.14     Subd. 2.  [USE OF FEES.] The economic development authority 
  1.15  may use fees permitted under Minnesota Statutes, section 
  1.16  428A.14, subdivision 1, to reimburse the authority for housing 
  1.17  improvements or to pay bonds issued by the authority under 
  1.18  Minnesota Statutes, section 428A.16. 
  1.19     Subd. 3.  [BONDS.] With the approval of the governing body 
  1.20  of the city, the authority may issue bonds secured by fees 
  1.21  imposed under Minnesota Statutes, section 428A.14, and the full 
  1.22  faith, credit, and taxing power of the city. 
  1.23     Sec. 2.  [EFFECTIVE DATE.] 
  1.24     The provisions of this act are effective upon local 
  1.25  approval by the governing body of the city of Brooklyn Park 
  2.1   under Minnesota Statutes, section 645.021, and remain in effect 
  2.2   without regard to the provisions of Minnesota Statutes, section 
  2.3   428A.21.