HF 4417

as introduced - 91st Legislature (2019 - 2020) Posted on 03/12/2020 01:18pm

A bill for an act
relating to capital investment; authorizing the sale and issuance of housing
infrastructure bonds; amending Minnesota Statutes 2018, section 462A.37, by
adding a subdivision; Minnesota Statutes 2019 Supplement, section 462A.37,
subdivision 5.

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

Section 1.

Minnesota Statutes 2018, section 462A.37, is amended by adding a subdivision
to read:

new text begin Subd. 2g. new text end

new text begin Additional authorization. new text end

new text begin In addition to the amount authorized in subdivisions
2 to 2f, the agency may issue up to $10,000,000 in housing infrastructure bonds that are
qualified 501(c)(3) bonds, within the meaning of section 145(a) of the Internal Revenue
Code, in one or more series to which the payments under this section may be pledged.
new text end new text begin Housing funded from bonds sold under this authorization must be permanent housing that
provides integrated, community-based settings for individuals with disabilities.
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.

Minnesota Statutes 2019 Supplement, section 462A.37, subdivision 5, is amended
to read:

Subd. 5.

Additional appropriation.

(a) The agency must certify annually to the
commissioner of management and budget the actual amount of annual debt service on each
series of bonds issued under deleted text begin subdivisions 2a to 2f deleted text end new text begin this section new text end .

(b) Each July 15, beginning in 2015 and through 2037, if any housing infrastructure
bonds issued under subdivision 2a remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $6,400,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(c) Each July 15, beginning in 2017 and through 2038, if any housing infrastructure
bonds issued under subdivision 2b remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $800,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(d) Each July 15, beginning in 2019 and through 2040, if any housing infrastructure
bonds issued under subdivision 2c remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $2,800,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(e) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2d remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.

(f) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2e remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.

(g) Each July 15, beginning in 2022 and through 2043, if any housing infrastructure
bonds issued under subdivision 2f remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.

new text begin (h) Each July 15, beginning in 2023 and through 2044, if any housing infrastructure
bonds issued under subdivision 2g remain outstanding, the commissioner of management
and budget must transfer from the general fund to the housing infrastructure bond account
established under section 462A.21, subdivision 33, the amount certified under paragraph
(a). The amounts necessary to make the transfers are appropriated from the general fund to
the commissioner of management and budget.
new text end

deleted text begin (h) deleted text end new text begin (i) new text end The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.

new text begin EFFECTIVE DATE. new text end

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