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Minnesota Legislature

Office of the Revisor of Statutes

HF 4203

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

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to the city of St. Paul; amending the local law relating to capital
improvement bonds; amending Laws 1971, chapter 773, sections 1, subdivision
2, as amended; 4, as amended.

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

Section 1.

Laws 1971, chapter 773, section 1, subdivision 2, as amended by Laws
1974, chapter 351, section 5, Laws 1976, chapter 234, sections 1 and 7, Laws 1978,
chapter 788, section 1, Laws 1981, chapter 369, section 1, Laws 1983, chapter 302,
section 1, Laws 1988, chapter 513, section 1, Laws 1992, chapter 511, article 9, section
23, Laws 1998, chapter 389, article 3, section 27, and Laws 2002, chapter 390, section
23, is amended to read:


Subd. 2. For each of the years 2003 to deleted text begin2013deleted text endnew text begin 2008new text end, the city of St. Paul is authorized
to issue bonds in the aggregate principal amount of $20,000,000 for each year.new text begin For
each of the years 2009 and later, the city of St. Paul is authorized to issue bonds in an
aggregate principal amount equal to the amount authorized by law for the previous year
increased by a percentage amount equal to the percentage by which the consumer price
index has increased.
new text end

Sec. 2.

Laws 1971, chapter 773, section 4, as amended by Laws 1976, chapter 234,
section 2, is amended to read:


Sec. 4. No proceeds of any bonds issued pursuant to section 1 hereof shall be
expended for the construction or equipment of any portion of the St. Paul auditorium or
civic center connected thereto; nor shall any such proceeds be expended for the acquisition
or betterment of the building known as the Lowry Medical Arts Annex. All bonds issued
under this act shall mature at any time or times within deleted text begintendeleted text endnew text begin 30new text end years from the date of issue.

Sec. 3. new text beginEFFECTIVE DATE.
new text end

new text begin This act is effective the day after the city council and the chief clerical officer of the
city of St. Paul have timely completed their compliance with Minnesota Statutes, section
645.023, subdivisions 2 and 3.
new text end