HF 1898

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to economic development; directing the 
  1.3             commissioner of finance to negotiate for the purchase 
  1.4             of an interest in a National Hockey League franchise; 
  1.5             appropriating money for that purchase. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [PURCHASE OF PROFESSIONAL HOCKEY TEAM.] 
  1.8      Subdivision 1.  [PURPOSE.] The purposes of this section are:
  1.9      (1) to acquire an asset for the state that will have 
  1.10  beneficial effects for the state economy, the state workforce, 
  1.11  and the people of the state; 
  1.12     (2) to assure that if there is a state financial 
  1.13  contribution toward purchase of a professional hockey franchise, 
  1.14  the state receives a financial reward based on any increase in 
  1.15  the value of the franchise purchased; and 
  1.16     (3) to eliminate the possibility that an owner of a 
  1.17  professional hockey franchise located in the state can move the 
  1.18  franchise from the state, or seek further economic contributions 
  1.19  from the public sector as a condition of retaining the team in 
  1.20  the state. 
  1.21     Subd. 2.  [PURCHASE.] The commissioner of finance shall use 
  1.22  up to $40 million in the budget and cash flow reserve account to 
  1.23  attempt to purchase a controlling interest in a National Hockey 
  1.24  League franchise.  The funds necessary to make such a purchase 
  1.25  are appropriated to the commissioner for this purpose. 
  2.1      The commissioner of finance shall also investigate the 
  2.2   possibility of a public sale of stock in the professional hockey 
  2.3   franchise. 
  2.4      Sec. 2.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment.