HF 1267

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:46am

A bill for an act
relating to the city of St. Paul; authorizing the issuance of local bonds.

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

Section 1. new text begin MINNESOTA EVENT DISTRICT EXPANSION, PHASE I.
new text end

new text begin The city of St. Paul may issue up to $40,000,000 of general obligation or special
revenue bonds to finance the design, acquisition, construction, and equipping of a public
community ice facility to be located within the block 39/arena tax increment district.
The city may pledge, or use to pay the bonds, any money available to the city or its
housing and redevelopment authority, including but not limited to any revenue derived
from the project. The estimated collection of the pledged money may be deducted from
any general ad valorem taxes otherwise required to be levied before issuance of general
obligation bonds under Minnesota Statutes, section 475.61, subdivision 1. The bonds may
be issued in one or more series and sold without election on the question of issuance of
the bonds or the levy of a property tax to pay the bonds. Except as otherwise provided
in this section, the bonds must be issued, sold, and secured in the manner provided in
Minnesota Statutes, chapter 475.
new text end

Sec. 2. new text begin EFFECTIVE DATE; LOCAL APPROVAL.
new text end

new text begin Section 1 is effective the day after the governing body of the city of St. Paul and its
chief clerical officer timely complete their compliance with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end