HF 710

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to finance and appropriations; providing for 
  1.3             the payment of state bonds; appropriating money; 
  1.4             amending Minnesota Statutes 1996, section 16A.6701, by 
  1.5             adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 16A.6701, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 4.  [DISCHARGE OF REVENUE BONDS.] Notwithstanding the 
  1.10  provisions of subdivision 2, the commissioner of finance is 
  1.11  authorized and directed to transfer from the special revenue 
  1.12  fund to the debt service fund, on or before the tenth day of 
  1.13  each month, all money then on hand in the special revenue fund, 
  1.14  until the cash and securities on hand in the debt service fund 
  1.15  are sufficient to defease all outstanding revenue bonds issued 
  1.16  pursuant to section 16A.67 in accordance with the commissioner's 
  1.17  order authorizing the issuance of such revenue bonds to defease 
  1.18  them at the earliest possible date.  The commissioner may retain 
  1.19  or contract for the services of accountants, escrow agents, 
  1.20  financial advisors, and other consultants or agents as may be 
  1.21  necessary in accordance with the order. 
  1.22     Sec. 2.  [APPROPRIATION TO PAY CAMBRIDGE BANK SETTLEMENT.] 
  1.23     The amount needed to pay any remaining claimants in the 
  1.24  judgment rendered against the state by the Minnesota supreme 
  1.25  court in Cambridge State Bank, et al v. James, 514 N.W.2d 565, 
  2.1   on April 1, 1994, and interest accrued thereon, is appropriated 
  2.2   from the general fund to the commissioner of revenue.  The 
  2.3   commissioner must use this appropriation to pay the claims. 
  2.4      Sec. 3.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment.