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HF 3542

1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 03/30/2022 12:52pm

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

Current Version - 1st Engrossment

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A bill for an act
relating to state government finance; directing the commissioner of management
and budget to make a determination on use of general reserve account in connection
with refunding or prepayment of stadium appropriation bonds; amending Minnesota
Statutes 2020, section 297E.021, subdivision 4.

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

Section 1.

Minnesota Statutes 2020, section 297E.021, subdivision 4, is amended to read:


Subd. 4.

Appropriation; general reserve account.

new text begin(a) new text endTo the extent the commissioner
determines that revenues are available under subdivision 3 for the fiscal year, those amounts
are appropriated from the general fund for deposit in a general reserve account established
by order of the commissioner of management and budget. Amounts in this reserve are
appropriated as necessary for application against any shortfall in the amounts deposited to
the general fund under section 297A.994 or, after consultation with the Legislative new text beginAdvisory
new text end Commission deleted text beginon Planning and Fiscal Policydeleted text end, amounts in this reserve are appropriated to the
commissioner of management and budget for other uses related to the stadium authorized
under section 473J.03, subdivision 8, that the commissioner new text beginof management and budget
new text end deems financially prudent including but not limited to reimbursements for capital and
operating costs relating to the stadium, refundings, and prepayment of debt. In no event,
shall available revenues be pledged, nor shall the appropriations of available revenues made
by this section constitute a pledge of available revenues as security for the prepayment of
principal and interest on the appropriation bonds under section 16A.965.

new text begin (b) If the balance in the general reserve account exceeds the greater of an amount equal
to the stadium-related expenses calculated under subdivision 3, clause (1), in the last budget
and economic forecast or $44,000,000 at the time the commissioner is seeking to refund
bonds issued under section 16A.965, the commissioner of management and budget must
analyze the financial benefit to the state of applying the excess amount to the refunding
transaction to defease and prepay bonds. The analysis shall compare the estimated level of
savings that could be achieved by applying the excess general reserve account balance to
a bond prepayment to the estimated level of savings that would be achieved without the use
of the general reserve account. The commissioner must use this analysis to make a final
determination on use of the general reserve account in connection with a bond refunding
or prepayment. The commissioner must consult with the Legislative Advisory Commission
before making a final determination under this paragraph.
new text end

new text begin EFFECTIVE DATE. new text end

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

Sec. 2. new text beginCONDITIONAL REPEALER.
new text end

new text begin (a) The commissioner of management and budget shall notify the revisor of statutes
within 30 days of the certification under paragraph (b), that the bonds under Minnesota
Statutes, section 16A.965, have been redeemed or defeased.
new text end

new text begin (b) Minnesota Statutes, section 16A.727, is repealed 60 days after the commissioner of
management and budget certifies that the bonds under Minnesota Statutes, section 16A.965,
have been redeemed or defeased.
new text end