HF 2696

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital investment; authorizing spending to acquire and better
public land and buildings and other public improvements of a capital nature;
appropriating money for a National Guard and Army Reserve Armory in
Faribault; authorizing the issuance of general obligation bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION; FARIBAULT ARMORY LAND ACQUISITION.
new text end

new text begin $750,000 is appropriated from the bond proceeds fund to the adjutant general of the
Department of Military Affairs to acquire land for a new armory in the city of Faribault for
use by the Minnesota National Guard and United States Army Reserve. This appropriation
is not available unless the commissioner of finance determines that at least an equal
amount is committed to the project from nonstate sources.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated in section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$750,000 in the manner, upon the terms, and with the effect prescribed by Minnesota
Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, article XI,
sections 4 to 7.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end