HF 1949

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; authorizing the 
  1.3             purchase of real property in St. Paul; authorizing 
  1.4             state bonds. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PURCHASE.] 
  1.7      The commissioner of administration may spend up to 
  1.8   $25,000,000 from the bond proceeds fund to purchase the building 
  1.9   and land, including land used for parking, at 10 River Park 
  1.10  Plaza in St. Paul.  The following actions may be taken in 
  1.11  conjunction with this purchase: 
  1.12     (1) the commissioner of administration may take action as 
  1.13  necessary to cancel the state's lease on the building, effective 
  1.14  July 1, 1997; and 
  1.15     (2) the commissioner of finance may pay annually to the St. 
  1.16  Paul port authority an amount equal to the tax increments for 
  1.17  the property at 10 River Park Plaza. 
  1.18     Sec. 2.  [APPROPRIATION.] 
  1.19     The funds necessary to make the payments of tax increments 
  1.20  under section 1 are annually appropriated to the commissioner of 
  1.21  finance from the general fund. 
  1.22     Sec. 3.  [BOND SALE.] 
  1.23     To provide the money appropriated in this act from the 
  1.24  state bond proceeds fund, the commissioner of finance, on the 
  1.25  request of the governor, shall sell and issue bonds of the state 
  2.1   in an amount up to $25,000,000 in the manner, upon the terms, 
  2.2   and with the effect prescribed in Minnesota Statutes, sections 
  2.3   16A.631 to 16A.675, and by the Minnesota Constitution, article 
  2.4   XI, sections 4 to 7.  
  2.5      Sec. 4.  [EFFECTIVE DATE.] 
  2.6      This act is effective the day following final enactment.