SF 62

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to finance; forgiving debt service on bonds
sold to finance the Marine Education Center at the
Minnesota Zoological Garden; amending Laws 1994,
chapter 643, section 27, subdivision 2, as amended.

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

Section 1.

Laws 1994, chapter 643, section 27, subdivision
2, as amended by Laws 1996, chapter 463, section 54, is amended
to read:

Subd. 2.

Marine Education Center 20,500,000

To design, construct, furnish, and
equip a marine education center and
related visitor improvements at the
zoo. This appropriation is intended to
complete the project.

All of the debt service costs on the
bonds sold to finance this project that
are due and payable before fiscal year
1998 must be paid from dedicated
receipts of the Minnesota zoological
garden to the commissioner of finance
as required by Minnesota Statutes,
section 16A.643. Beginning in fiscal
year 1998, 60 percent of the debt
service costs on the bonds sold to
finance this project must be paid from
dedicated receipts of the Minnesota
zoological garden to the commissioner
of finance as required by Minnesota
Statutes, section 16A.643. Beginning
in fiscal year 2005, none of the debt
service costs on the bonds sold to
finance this project need be paid from
dedicated receipts of the Minnesota
Zoological Garden.

The board may not institute an
admission fee increase before April 1,
2000.

Sec. 2. EFFECTIVE DATE.

This act is effective the day following final enactment.