as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 08/14/1998 |
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.