1.1                          A bill for an act
  1.2             relating to capital investment; changing the 
  1.3             allocation of net proceeds of the sale of local 
  1.4             historical sites and buildings that have received 
  1.5             state bond funds; proposing coding for new law in 
  1.6             Minnesota Statutes, chapter 138. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [138.0535] [SALE OF LOCAL HISTORICAL SOCIETY 
  1.9   PROPERTY; ALLOCATION OF PROCEEDS.] 
  1.10     Notwithstanding Minnesota Statutes, section 16A.695, 
  1.11  subdivision 3, clauses (1) and (2), if any state bonds issued to 
  1.12  purchase or better the local historical society property remain 
  1.13  outstanding on the date of sale of the local historical society 
  1.14  property, the net proceeds of sale must be applied as follows:  
  1.15  first, to pay to the state the amount of state bond proceeds 
  1.16  used to acquire or better the property; second, to pay in full 
  1.17  any outstanding public or private debt incurred to acquire or 
  1.18  better the property; and third, any excess over the amount 
  1.19  needed for those purposes must be paid to the local historical 
  1.20  society.  The net proceeds of the sale are appropriated for 
  1.21  these purposes.