HF 1161

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

  1.1                          A bill for an act 
  1.2             relating to economic development; increasing the 
  1.3             revenue bonding authority of the public facilities 
  1.4             authority; amending Minnesota Statutes 1996, section 
  1.5             446A.12, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 446A.12, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [BONDING AUTHORITY.] The authority may 
  1.10  issue negotiable bonds in a principal amount that the authority 
  1.11  determines necessary to provide sufficient funds for achieving 
  1.12  its purposes, including the making of loans and purchase of 
  1.13  securities, the payment of interest on bonds of the authority, 
  1.14  the establishment of reserves to secure its bonds, the payment 
  1.15  of fees to a third party providing credit enhancement, and the 
  1.16  payment of all other expenditures of the authority incident to 
  1.17  and necessary or convenient to carry out its corporate purposes 
  1.18  and powers, but not including the making of grants.  Bonds of 
  1.19  the authority may be issued as bonds or notes or in any other 
  1.20  form authorized by law.  The principal amount of bonds issued 
  1.21  and outstanding under this section at any time may not exceed 
  1.22  $450,000,000, $850,000,000 excluding bonds for which refunding 
  1.23  bonds or crossover refunding bonds have been issued.