HF 1722

as introduced - 88th Legislature (2013 - 2014) Posted on 04/08/2013 02:48pm

A bill for an act
relating to state government; prohibiting the sale of stadium appropriation bonds
in amounts that exceed the state's ability to repay them; proposing coding for
new law in Minnesota Statutes, chapter 16A.

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

Section 1.

new text begin [16A.728] STADIUM FUNDING NOT TO EXCEED AVAILABLE
REVENUE.
new text end

new text begin (a) Notwithstanding any law to the contrary, the commissioner may not sell and
issue stadium appropriation bonds under section 16A.965 in such amounts that, in the
opinion of the commissioner, the debt service on the bonds would exceed the revenue
available to the state.
new text end

new text begin (b) For purposes of this section, the following terms have the meanings given. "Debt
service" means the amount required to be appropriated each year from the general fund to
the commissioner for payment of principal and interest on stadium appropriation bonds.
"Revenue available to the state" means:
new text end

new text begin (1) increased revenue estimated by the commissioner under section 297E.021;
new text end

new text begin (2) increased revenue deposited in the general fund under section 297A.994,
subdivision 4, clauses (1) to (3); and
new text end

new text begin (3) backup revenues under section 16A.727.
new text end