HF 1099

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of St. Paul; authorizing the 
  1.3             issuance of general obligation bonds to finance and 
  1.4             implement improvements to the city's technology 
  1.5             infrastructure. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [ST. PAUL BONDS FOR TECHNOLOGY INFRASTRUCTURE.] 
  1.8      The St. Paul city council may issue general obligation 
  1.9   bonds, in one or more series, in an aggregate principal amount 
  1.10  outstanding not to exceed $50,000,000 with maturity dates not to 
  1.11  exceed ten years, to finance improvements to the technology 
  1.12  infrastructure, including software, of the city. 
  1.13     The issuance of the bonds is subject to Minnesota Statutes, 
  1.14  chapter 475, except that no election is required to authorize 
  1.15  issuance of the bonds and the debt incurred by the issuance is 
  1.16  not subject to any net debt limit otherwise applicable to the 
  1.17  city. 
  1.18     Sec. 2.  [LOCAL APPROVAL; EFFECTIVE DATE.] 
  1.19     Section 1 is effective the day after the governing body of 
  1.20  the city of St. Paul and its chief clerical officer timely 
  1.21  complete their compliance with Minnesota Statutes, section 
  1.22  645.021, subdivisions 2 and 3.