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HF 2811

as introduced - 87th Legislature (2011 - 2012) Posted on 03/15/2012 11:48am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to local government; authorizing the city of Woodbury to issue public
debt.

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

Section 1. new text beginWOODBURY; EXEMPTION FROM REFERENDUM.
new text end

new text begin Notwithstanding the referendum requirement in Minnesota Statutes, section 475.58,
subdivision 1, or any other provision of law, the city of Woodbury may issue and sell
obligations to pay for the cost of renovating, improving, expanding, and equipping the
Bielenberg Sports Center, along with costs of issuance of the obligations and capitalized
interest, if:
new text end

new text begin (1) the obligations are secured by a pledge of revenues from the facility; and
new text end

new text begin (2) the city finds, based on analysis provided by a professional experienced in
finance, that the facility's revenues and a property tax levy equal to the maximum annual
property tax levy used to pay the bonds previously issued to finance, in whole or in part, the
facility will in the aggregate be sufficient to pay the obligations without the imposition of
an additional property tax levy pledged to the obligations.
new text end

new text begin EFFECTIVE DATE; LOCAL APPROVAL. new text end

new text begin This section is effective the day after
the governing body of the city of Woodbury and its chief clerical officer timely complete
their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
new text end