HF 2938

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; appropriating money to the city of St. Paul to
defease, pay, redeem, or refund city bonds.

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

Section 1. new text begin APPROPRIATION; CONVENTION CENTER BONDS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $43,000,000 is appropriated from the bond proceeds
fund to the commissioner of finance for a grant to the city of St. Paul to be used to pay,
redeem, or defease the entire amount of bond obligations issued by the city of St. Paul in
1996 for the convention center.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale authorization. new text end

new text begin (a) To provide the money appropriated in this
act from the bond proceeds fund, the commissioner of finance shall sell and issue bonds of
the state in an amount up to $43,000,000 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

new text begin (b) The commissioner of finance may propose additional conditions on the use
and investment of the proceeds as may be necessary in the commissioner's judgment to
ensure that the interest on the state bonds issued to fund this appropriation is exempt from
federal income taxation.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end