HF 1504

as introduced - 87th Legislature (2011 - 2012) Posted on 04/18/2011 09:20am

A bill for an act
relating to capital investment; appropriating money for redevelopment of Peavey
Plaza in Minneapolis; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MINNEAPOLIS; PEAVEY PLAZA.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $6,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the
city of Minneapolis to develop and construct the redevelopment of Peavey Plaza in
Minneapolis, in conjunction with the renovation of Orchestra Hall. This appropriation is
added to the appropriation in Laws 2010, chapter 189, section 21, subdivision 11. This
appropriation is not available until the commissioner has determined that at least an equal
amount has been committed to the project from nonstate sources.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $6,000,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end