HF 3392

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to Southwest Regional Development Commission; 
  1.3             authorizing a levy for debt retirement or debt 
  1.4             service; authorizing local bonds or other obligations 
  1.5             under Minnesota Statutes, chapter 475, for a specific 
  1.6             debt service purpose. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [LEVY FOR DEBT.] 
  1.9      (a) In addition to other levies authorized by law, the 
  1.10  Southwest Regional Development Commission may levy in each year 
  1.11  through 2010, payable through 2011, an additional amount 
  1.12  sufficient to retire its remaining debt in connection with the 
  1.13  Prairie Expo project located in Worthington. 
  1.14     (b) The commission may issue bonds or other obligations 
  1.15  under Minnesota Statutes, chapter 475, to retire the debt sooner.
  1.16  In that case the levy authorized in paragraph (a) may be used 
  1.17  for debt service on the bonds or other obligations. 
  1.18     Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  1.19     Section 1 is effective the day after the governing body of 
  1.20  the Southwest Regional Development Commission and its chief 
  1.21  clerical officer timely complete their compliance with Minnesota 
  1.22  Statutes, section 645.021, subdivisions 2 and 3.