HF 464

as introduced - 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 Duluth; authorizing the 
  1.3             refunding of convention center bonds. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF DULUTH; REFUNDING BONDS; DULUTH 
  1.6   ENTERTAINMENT AND CONVENTION CENTER AUTHORITY.] 
  1.7      The Duluth city council may by ordinance provide for the 
  1.8   issuance and sale of general obligation revenue refunding bonds 
  1.9   to refund in advance of their maturity, the city's gross revenue 
  1.10  recreation facility bonds (Duluth Entertainment Convention 
  1.11  Center/Imax Dome Theater Project) series 1994, dated as of 
  1.12  December 1, 1994.  These refunding bonds must be issued with the 
  1.13  full faith and credit of the city.  The Duluth entertainment and 
  1.14  convention center authority shall pledge the net revenues of the 
  1.15  authority's facilities for payment of principal and interest on 
  1.16  these refunding bonds.  The issuance of the refunding bonds is 
  1.17  subject to the provisions of Minnesota Statutes, chapter 475, 
  1.18  except that no election is required unless a referendum on the 
  1.19  ordinance is required under section 92 of the Duluth city 
  1.20  charter, and except that the refunding bonds must not be 
  1.21  included in computing the city's net debt. 
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective upon approval by the Duluth city 
  1.24  council and the Duluth entertainment and convention center 
  2.1   authority, and upon compliance with the provisions of Minnesota 
  2.2   Statutes, section 645.021.