HF 956

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to housing; regulating the use of federal tax 
  1.3             exempt revenue bonds; amending Minnesota Statutes 
  1.4             1994, sections 474A.03, subdivisions 1 and 2a; and 
  1.5             474A.04, subdivision 6. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 474A.03, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [ANNUAL VOLUME CAP UNDER FEDERAL TAX LAW; 
  1.10  POOL ALLOCATIONS.] At the beginning of each calendar year after 
  1.11  December 31, 1991 1995, the commissioner shall determine the 
  1.12  aggregate dollar amount of the annual volume cap under federal 
  1.13  tax law for the calendar year, and of this amount the 
  1.14  commissioner shall make the following allocation:  
  1.15     (1) $65,000,000 $57,785,000 to the small issue pool; 
  1.16     (2) $46,000,000 to the housing pool; 
  1.17     (3) $10,000,000 to the public facilities pool; and 
  1.18     (4) amounts to be allocated as provided in subdivision 2a.  
  1.19     If the annual volume cap is greater or less than the amount 
  1.20  of bonding authority allocated under clauses (1) to (4) and 
  1.21  subdivision 2a, paragraph (a), clauses (1) to (4), the 
  1.22  allocation must be adjusted so that each adjusted allocation is 
  1.23  the same percentage of the annual volume cap as each original 
  1.24  allocation is of the total bonding authority originally 
  1.25  allocated. 
  2.1      Sec. 2.  Minnesota Statutes 1994, section 474A.03, 
  2.2   subdivision 2a, is amended to read: 
  2.3      Subd. 2a.  [ENTITLEMENT ISSUER ALLOCATION.] (a) The 
  2.4   commissioner shall make the following allocation to the 
  2.5   Minnesota housing finance agency and the following cities and 
  2.6   county:  
  2.7      (1) $51,000,000 per year to the Minnesota housing finance 
  2.8   agency, less any amount received in the previous year under 
  2.9   section 474A.091, subdivision 6; 
  2.10     (2) $20,000,000 per year to the city of Minneapolis; 
  2.11     (3) $15,000,000 per year to the city of Saint Paul; and 
  2.12     (4) $10,000,000 per year to the Dakota county housing and 
  2.13  redevelopment authority for the county of Dakota and all 
  2.14  political subdivisions located within the county; and 
  2.15     (5) $10,000,000 per year to the Stearns county housing and 
  2.16  redevelopment authority. 
  2.17     (b) Allocations provided under this subdivision must be 
  2.18  used for mortgage bonds, mortgage credit certificates, or 
  2.19  residential rental project bonds, except that entitlement cities 
  2.20  may also use their allocations for public facility bonds. 
  2.21     Sec. 3.  Minnesota Statutes 1994, section 474A.04, 
  2.22  subdivision 6, is amended to read: 
  2.23     Subd. 6.  [ENTITLEMENT TRANSFERS.] An entitlement issuer 
  2.24  may enter into an agreement with another entitlement issuer 
  2.25  whereby the recipient entitlement issuer issues obligations 
  2.26  pursuant to bonding authority allocated to the original 
  2.27  entitlement issuer under this section.  An entitlement issuer 
  2.28  may enter into an agreement with an issuer which is not an 
  2.29  entitlement issuer whereby the recipient issuer issues qualified 
  2.30  mortgage bonds, up to $100,000 of which are issued pursuant to 
  2.31  bonding authority allocated to the original entitlement issuer 
  2.32  under this section.  The agreement may be approved and executed 
  2.33  by the mayor of the entitlement issuer with or without approval 
  2.34  or review by the city council.  A housing and redevelopment 
  2.35  authority which is an entitlement issuer may elect to use its 
  2.36  entitlement allocation to jointly issue qualified bonds with any 
  3.1   adjacent county, a municipality, or a housing and redevelopment 
  3.2   authority within an adjacent county, with which the entitlement 
  3.3   issuer has entered into a joint powers agreement under section 
  3.4   471.59.