HF 3216

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

  1.1                          A bill for an act 
  1.2             relating to bonds; providing for proper use of local 
  1.3             bond proceeds; amending Minnesota Statutes 1994, 
  1.4             section 475.58, by adding a subdivision. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 475.58, is 
  1.7   amended by adding a subdivision to read: 
  1.8      Subd. 4.  [PROPER USE OF BOND PROCEEDS.] The proceeds of 
  1.9   obligations issued after approval of the electors under this 
  1.10  section may only be spent:  (1) for the purposes stated in the 
  1.11  ballot language; or (2) to pay, redeem, or defease obligations 
  1.12  and interest, penalties, premiums, and costs of issuance of the 
  1.13  obligations.  The proceeds may not be spent for a different 
  1.14  purpose or for an expansion of the original purpose without the 
  1.15  approval by a majority of the electors voting on the question of 
  1.16  changing or expanding the purpose of the obligations.