HF 823

1st Engrossment - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to hospitals; removing an exception for 
  1.3             certain cities and counties from certain hospital 
  1.4             financing activities; amending Minnesota Statutes 
  1.5             1994, section 447.45, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 447.45, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [FINANCING.] A county, city, or hospital 
  1.10  district, except cities of the first class and counties 
  1.11  containing cities of the first class, may issue revenue bonds by 
  1.12  resolution of its governing body to finance the acquisition and 
  1.13  betterment of hospital, nursing home, and related medical 
  1.14  facilities.  This power is in addition to other powers granted 
  1.15  by law and includes, but is not limited to, the payment of 
  1.16  interest during construction and for a reasonable period after 
  1.17  construction and the establishment of reserves for bond payment 
  1.18  and for working capital.  In connection with the acquisition of 
  1.19  any existing hospital or nursing home facilities, the city, 
  1.20  county, or district may retire outstanding indebtedness incurred 
  1.21  to finance the construction of the existing facilities.  
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective on the day following final enactment.