HF 1078

1st Engrossment - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the Cuyuna Range joint powers economic 
  1.3             development authority; authorizing it to act as a 
  1.4             statutory economic development authority and to issue 
  1.5             certain revenue bonds and make pledges to secure them; 
  1.6             providing for certain notices and a conditional 
  1.7             referendum. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  [CUYUNA RANGE JOINT POWERS ECONOMIC DEVELOPMENT 
  1.10  AUTHORITY; REVENUE BONDS.] 
  1.11     (a) Notwithstanding any other provision to the contrary, 
  1.12  the Cuyuna Range joint powers economic development authority may 
  1.13  pledge to pay all or part of the proceeds of the annual levy 
  1.14  imposed under Minnesota Statutes, section 469.107, by the member 
  1.15  cities for the authority for a period of up to 25 years to 
  1.16  secure revenue bonds issued under Minnesota Statutes, section 
  1.17  469.103. 
  1.18     (b) Before issuing bonds secured by a pledge of the levy, 
  1.19  the authority must publish a notice of its intention to issue 
  1.20  the bonds and the date and time of a hearing to obtain public 
  1.21  comment on the matter.  The notice must be published in the 
  1.22  official newspaper of each member city or in a newspaper of 
  1.23  general circulation in each member city.  The notice must be 
  1.24  published at least 14, but not more than 28, days before the 
  1.25  date of the hearing. 
  1.26     (c) If a petition requesting a vote on the issuance is 
  2.1   signed by voters equal to five percent or more of the votes cast 
  2.2   in the member cities in the last general election and is filed 
  2.3   with the clerical officer of any of the member cities within 30 
  2.4   days after the public hearing, the authority may issue bonds 
  2.5   that pledge levy proceeds only upon obtaining the approval of a 
  2.6   majority of the voters in each of the member cities voting on 
  2.7   the question of issuing the obligations. 
  2.8      Sec. 2.  [CUYUNA RANGE JOINT POWERS ECONOMIC DEVELOPMENT 
  2.9   AUTHORITY.] 
  2.10     The Cuyuna Range joint powers economic development 
  2.11  authority, originally established by resolutions of the member 
  2.12  cities, is authorized to act as an economic development 
  2.13  authority and may exercise the powers of an economic development 
  2.14  authority under Minnesota Statutes, sections 469.090 to 
  2.15  469.1081, that are delegated to it by the member cities, 
  2.16  including, without limitation, the authority to own and operate 
  2.17  a civic center facility that includes athletic and other public 
  2.18  facilities. 
  2.19     Sec. 3.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  2.20     This act is effective the day following final enactment 
  2.21  without local approval as provided under Minnesota Statutes, 
  2.22  section 645.023.