HF 1764

as introduced - 88th Legislature (2013 - 2014) Posted on 04/11/2013 11:48am

A bill for an act
relating to stadiums; halting bond sales for the Minnesota Vikings football
stadium; requiring revenues be certified; amending Minnesota Statutes 2012,
section 16A.965, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 16A.965, is amended by adding a
subdivision to read:

new text begin Subd. 11. new text end

new text begin Actions required for bonding to continue. new text end

new text begin No bonds may be sold for
the construction of a Minnesota Vikings football stadium under this section unless the
following requirements are met:
new text end

new text begin (1) the commissioner of management and budget has certified that revenues from
electronic pull-tabs and bingo are projected to be sufficient to pay annual costs of bonds
issued under this section for a period of not less than five years; and
new text end

new text begin (2) the commissioner has certified completion of a study of gaming in Minnesota
that gives assurance that gaming will provide sufficient revenues to pay projected costs
under this section through completion of the state's obligations; or
new text end

new text begin (3) the commissioner has certified and delivered an agreement with the Minnesota
Vikings football team and National Football League that transfers revenues from naming
rights, and National Football League construction loans, sufficient to pay any shortfalls in
stadium funding required pursuant to sale of bonds under this section.
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