HF 3081

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of St. Paul; setting the maximum 
  1.3             amounts of and other conditions for the issuance of 
  1.4             capital improvement bonds; amending Laws 1971, chapter 
  1.5             773, section 1, subdivisions 2, as amended, and 3, as 
  1.6             amended; and section 2, as amended. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1971, chapter 773, section 1, subdivision 
  1.9   2, as amended by Laws 1974, chapter 351, section 5, Laws 1976, 
  1.10  chapter 234, section 7, Laws 1978, chapter 788, section 1, Laws 
  1.11  1981, chapter 369, section 1, Laws 1983, chapter 302, section 1, 
  1.12  Laws 1988, chapter 513, section 1, and Laws 1992, chapter 511, 
  1.13  article 9, section 23, is amended to read: 
  1.14     Subd. 2.  For each of the years through 1998 2003, the city 
  1.15  of St. Paul is authorized to issue bonds in the aggregate 
  1.16  principal amount of $8,000,000 $15,000,000 for each year; or in 
  1.17  an amount equal to one-fourth of one percent of the assessors 
  1.18  estimated market value of taxable property in St. Paul, 
  1.19  whichever is greater, provided that no more than 
  1.20  $8,000,000 $15,000,000 of bonds is authorized to be issued in 
  1.21  any year, unless St. Paul's local general obligation debt as 
  1.22  defined in this section is less than six percent of market value 
  1.23  calculated as of December 31 of the preceding year; but at no 
  1.24  time shall the aggregate principal amount of bonds authorized 
  1.25  exceed $15,700,000 in 1992, $16,600,000 in 1993, $16,600,000 in 
  1.26  1994, $16,600,000 in 1995, $17,500,000 in 1996, $17,500,000 in 
  2.1   1997, and $18,000,000 in 1998, $18,000,000 in 1999, $19,000,000 
  2.2   in 2000, $19,000,000 in 2001, $19,500,000 in 2002, and 
  2.3   $20,000,000 in 2003. 
  2.4      Sec. 2.  Laws 1971, chapter 773, section 1, subdivision 3, 
  2.5   as amended by Laws 1978, chapter 788, section 1, Laws 1981, 
  2.6   chapter 369, section 1, and Laws 1983, chapter 302, section 1, 
  2.7   is amended to read:  
  2.8      Subd. 3.  For purposes of this section, St. Paul's general 
  2.9   obligation debt shall consist of the principal amount of all 
  2.10  outstanding bonds of (1) the city of St. Paul, the housing and 
  2.11  redevelopment authority of St. Paul, the civic center authority 
  2.12  of St. Paul, and the port authority of St. Paul, for which the 
  2.13  full faith and credit of the city or any of the foregoing 
  2.14  authorities has been pledged; (2) Independent School District 
  2.15  625, for which the full faith and credit of the district has 
  2.16  been pledged; and (3) the county of Ramsey, for which the full 
  2.17  faith and credit of the county has been pledged, reduced by an 
  2.18  amount equal to the principal amount of the outstanding bonds 
  2.19  multiplied by a figure, the numerator of which is equal to the 
  2.20  assessed value of property within the county outside of the city 
  2.21  of St. Paul and the denominator of which is equal to the 
  2.22  assessed value of the county.  
  2.23     There shall be deducted before making the foregoing 
  2.24  computations the outstanding principal amount of all refunded 
  2.25  bonds, all tax or aid anticipation certificates of indebtedness 
  2.26  of the city, the authorities, the school district and the county 
  2.27  for which the full faith and credit of the bodies has been 
  2.28  pledged and all tax increment financed bonds which have not 
  2.29  used, for the prior three consecutive years, general tax levies 
  2.30  or capitalized interest to support annual principal and interest 
  2.31  payments. 
  2.32     Sec. 3.  Laws 1971, chapter 773, section 2, as amended by 
  2.33  Laws 1978, chapter 788, section 2, Laws 1983, chapter 302, 
  2.34  section 2, Laws 1988, chapter 513, section 2, and Laws 1992, 
  2.35  chapter 511, article 9, section 24, is amended to read: 
  2.36     Sec. 2.  The proceeds of all bonds issued pursuant to 
  3.1   section 1 hereof shall be used exclusively for the acquisition, 
  3.2   construction, and repair of capital improvements and, commencing 
  3.3   in the year 1992 and notwithstanding any provision in Laws 1978, 
  3.4   chapter 788, section 5, as amended, for redevelopment project 
  3.5   activities as defined in Minnesota Statutes, section 469.002, 
  3.6   subdivision 14, in accordance with Minnesota Statutes, section 
  3.7   469.041, clause (6).  The amount of proceeds of bonds authorized 
  3.8   by section 1 used for redevelopment project activities shall not 
  3.9   exceed $655,000 in 1992, $690,000 in 1993, $690,000 in 1994, 
  3.10  $690,000 in 1995, $700,000 in 1996, $700,000 in 1997, 
  3.11  and $725,000 in 1998 or any later year. 
  3.12     None of the proceeds of any bonds so issued shall be 
  3.13  expended except upon projects which have been reviewed, and have 
  3.14  received a priority rating, from a capital improvements 
  3.15  committee consisting of 18 members, of whom a majority shall not 
  3.16  hold any paid office or position under the city of St. Paul.  
  3.17  The members shall be appointed by the mayor, with at least four 
  3.18  members from each Minnesota senate district located entirely 
  3.19  within the city and at least two members from each senate 
  3.20  district located partly within the city.  Prior to making an 
  3.21  appointment to a vacancy on the capital improvement budget 
  3.22  committee, the mayor shall consult the legislators of the senate 
  3.23  district in which the vacancy occurs.  The priorities and 
  3.24  recommendations of the committee shall be purely advisory, and 
  3.25  no buyer of any bonds shall be required to see to the 
  3.26  application of the proceeds. 
  3.27     Sec. 4.  [LOCAL APPROVAL.] 
  3.28     Sections 1, 2, and 3 are effective the day after the 
  3.29  approval of the governing body of the city of St. Paul is filed 
  3.30  according to Minnesota Statutes, section 645.021, subdivision 3.