HF 1569

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; providing for additional uses of 
  1.3             Rochester sales and use tax revenues; increasing bond 
  1.4             authorization; amending Laws 1998, chapter 389, 
  1.5             article 8, section 43, subdivisions 3, 4. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1998, chapter 389, article 8, section 43, 
  1.8   subdivision 3, is amended to read: 
  1.9      Subd. 3.  [USE OF REVENUES.] Revenues received from the 
  1.10  taxes authorized by subdivisions 1 and 2 must be used by the 
  1.11  city to pay for the cost of collecting and administering the 
  1.12  taxes and to pay for the following projects: 
  1.13     (1) transportation infrastructure improvements including 
  1.14  both regional highway and airport improvements; 
  1.15     (2) improvements to the civic center complex; 
  1.16     (3) a municipal water, sewer, and storm sewer project 
  1.17  necessary to improve regional ground water quality; and 
  1.18     (4) construction of a regional recreation and sports center 
  1.19  and associated other facilities available for both community and 
  1.20  student use, located at or adjacent to the Rochester center. 
  1.21  The total amount of capital expenditures or bonds for these 
  1.22  projects that may be paid from the revenues raised from the 
  1.23  taxes authorized in this section may not exceed 
  1.24  $71,500,000 $111,500,000.  The total amount of capital 
  1.25  expenditures or bonds for the project in clause (4) that may be 
  2.1   paid from the revenues raised from the taxes authorized in this 
  2.2   section may not exceed $20,000,000 $28,000,000. 
  2.3      Sec. 2.  Laws 1998, chapter 389, article 8, section 43, 
  2.4   subdivision 4, is amended to read: 
  2.5      Subd. 4.  [BONDING AUTHORITY.] (a) The city may issue bonds 
  2.6   under Minnesota Statutes, chapter 475, to finance the capital 
  2.7   expenditure and improvement projects.  An election to approve 
  2.8   the bonds under Minnesota Statutes, section 475.58, may be held 
  2.9   in combination with the election to authorize imposition of the 
  2.10  tax under subdivision 1.  Whether to permit imposition of the 
  2.11  tax and issuance of bonds may be posed to the voters as a single 
  2.12  question.  The question must state that the sales tax revenues 
  2.13  are pledged to pay the bonds, but that the bonds are general 
  2.14  obligations and will be guaranteed by the city's property taxes. 
  2.15     (b) The issuance of bonds under this subdivision is not 
  2.16  subject to Minnesota Statutes, section 275.60. 
  2.17     (c) The bonds are not included in computing any debt 
  2.18  limitation applicable to the city, and the levy of taxes under 
  2.19  Minnesota Statutes, section 475.61, to pay principal of and 
  2.20  interest on the bonds is not subject to any levy limitation. 
  2.21  The aggregate principal amount of bonds, plus the aggregate of 
  2.22  the taxes used directly to pay eligible capital expenditures and 
  2.23  improvements may not exceed $71,500,000 $111,500,000, plus an 
  2.24  amount equal to the costs related to issuance of the bonds. 
  2.25     (d) The taxes may be pledged to and used for the payment of 
  2.26  the bonds and any bonds issued to refund them, only if the bonds 
  2.27  and any refunding bonds are general obligations of the city. 
  2.28     Sec. 3.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  2.29     Sections 1 and 2 are effective the day after the governing 
  2.30  body of Rochester and its chief clerical officer timely complete 
  2.31  their compliance with Minnesota Statutes, section 645.021, 
  2.32  subdivisions 2 and 3.