HF 2511

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

  1.1                          A bill for an act 
  1.2             relating to the city of Mankato; providing for use of 
  1.3             revenues from the sales tax; amending Laws 1991, 
  1.4             chapter 291, article 8, section 27, by adding a 
  1.5             subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1991, chapter 291, article 8, section 27, 
  1.8   is amended by adding a subdivision to read: 
  1.9      Subd. 9.  [ADDITIONAL AUTHORITY; MANKATO MUNICIPAL 
  1.10  AIRPORT.] (a) In addition to the uses of revenues authorized in 
  1.11  subdivision 3, the city may use revenues received from taxes 
  1.12  authorized by subdivisions 1 and 2 to pay for rehabilitation, 
  1.13  expansion, improvement, and operation of the Mankato municipal 
  1.14  airport and related facilities, including securing or paying 
  1.15  debt service on bonds or other obligations issued to finance the 
  1.16  improvements. 
  1.17     (b) The city may issue general obligation bonds of the city 
  1.18  for the Mankato municipal airport and related facilities without 
  1.19  election under Minnesota Statutes, chapter 475, on the question 
  1.20  of issuance of the bonds or a tax to pay them.  The debt 
  1.21  represented by bonds issued for the Mankato municipal airport 
  1.22  and related facilities shall not be included in computing any 
  1.23  levy or debt limits applicable to the city. 
  1.24     (c) The total capital, administrative, and operating 
  1.25  expenses payable from bond proceeds and from the taxes 
  2.1   authorized in subdivisions 1 and 2, excluding investment 
  2.2   earnings on bond proceeds and revenues, shall not exceed 
  2.3   $500,000 in any year, unless the city has dedicated in a reserve 
  2.4   fund sufficient funds to pay or secure payment of principal and 
  2.5   interest on bonds issued under subdivision 5 for a period of at 
  2.6   least one year.  The total amount of general obligation bonds of 
  2.7   the city issued for the Mankato municipal airport and related 
  2.8   facilities may not exceed $4,500,000. 
  2.9      (d) Notwithstanding the provisions of subdivision 4, the 
  2.10  authority of the city to impose taxes under subdivisions 1 and 2 
  2.11  shall not expire until the principal and interest on any bonds 
  2.12  or obligations issued to finance the Mankato municipal airport 
  2.13  and related facilities have been paid, or the city determines by 
  2.14  ordinance an earlier expiration date. 
  2.15     Sec. 2.  [EFFECTIVE DATE.] 
  2.16     As provided in Minnesota Statutes, section 645.023, 
  2.17  subdivision 1, clause (a), section 1 is effective without local 
  2.18  approval the day following final enactment.