HF 784

as introduced - 90th Legislature (2017 - 2018) Posted on 02/09/2017 06:09pm

A bill for an act
relating to capital investment; appropriating money for acquisition and
improvements for the Minnesota Museum of American Art; authorizing the sale
and issuance of state bonds.

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

Section 1. new text begin ST. PAUL PORT AUTHORITY - MINNESOTA MUSEUM OF
AMERICAN ART.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $8,500,000 is appropriated from the bond proceeds fund
to the commissioner of employment and economic development for a grant to the St. Paul
Port Authority to design, construct, furnish, and equip new museum galleries and an art
study facility for the Minnesota Museum of American Art. The museum provides space to
celebrate the legacy of Minnesota art and artists and is part of the restoration of the historic
Pioneer Endicott Building. The museum is part of a multiphase project of which only the
museum galleries and art study facility constructed with the appropriation shall be state
bond financed property subject to Minnesota Statutes, section 16A.695. This appropriation
is not available until the commissioner of management and budget has determined that (1)
at least an equal amount of nonstate funds has been committed to the project or expended
for design, construction, and furnishing of the adjacent Minnesota Museum of American
Art Center for Creativity facilities, which are not subject to Minnesota Statutes, section
16A.695, and (2) sufficient resources, state and nonstate, are available to complete the
museum galleries and art study facility. Funds invested in the Center for Creativity facilities
by an investor receiving an assignment of state historic tax credits pursuant to Minnesota
Statutes, section 290.0681, are nonstate funds for purposes of this requirement. Only
expenditures made after January 1, 2012, qualify for the required match. Due to the integrated
nature of the overall development, public bidding is not required.
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 $8,500,000 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