SF 876

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:15am

A bill for an act
relating to revenue; baseball stadium; modifying permitted use of revenues
for other purposes; amending Minnesota Statutes 2010, section 473.757,
subdivisions 2, 11.

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

Section 1.

Minnesota Statutes 2010, section 473.757, subdivision 2, is amended to read:

Subd. 2.

Youth sports; library.

To the extent funds are available from collections
of the tax authorized by subdivision 10 after payment each year of debt service on the
bonds authorized and issued under subdivision 9 and payments for the purposes described
in subdivision 1, the county may also authorize, by resolution, and expend or make
grants to the authority and to other governmental units and nonprofit organizations in an
aggregate amount of up to $4,000,000 annually deleted text begin , increased by up to 1.5 percent annually deleted text end
to fund equally: (1) youth activities and youth and amateur sports within Hennepin
County; and (2) the cost of extending the hours of operation of Hennepin County libraries
and Minneapolis public libraries.

The money provided under this subdivision is intended to supplement and not
supplant county expenditures for these purposes as of May 27, 2006.

Hennepin County must provide reports to the chairs of the committees and budget
divisions in the senate and the house of representatives that have jurisdiction over
education policy and funding, describing the uses of the money provided under this
subdivision. The first report must be made by January 15, 2009, and subsequent reports
must be made on January 15 of each subsequent odd-numbered year.

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 2010, section 473.757, subdivision 11, is amended to read:

Subd. 11.

Uses of tax.

(a) Revenues received from the tax imposed under
subdivision 10 may be used:

(1) to pay costs of collection;

(2) to pay or reimburse or secure the payment of any principal of, premium, or
interest on bonds issued in accordance with this act;

(3) to pay costs and make expenditures and grants described in this section, including
financing costs related to them;

(4) to maintain reserves for the foregoing purposes deemed reasonable and
appropriate by the county;

(5) to pay for operating costs of the ballpark authority other than the cost of
operating or maintaining the ballpark; and

(6) to make expenditures and grants for youth activities and amateur sports and
extension of library hours as described in subdivision 2;

and for no other purpose.

(b) Revenues from the tax designated for use under paragraph (a), clause (5), must
be deposited in the operating fund of the ballpark authority.

(c) After completion of the ballpark and public infrastructure, the tax revenues not
required for current payments of the expenditures described in paragraph (a), clauses (1) to
(6), shall be used to (i) redeem or defease the bonds and (ii) prepay or establish a fund for
payment of future obligations under grants or other commitments for future expenditures
which are permitted by deleted text begin this section deleted text end new text begin paragraph (a), clauses (1) to (5), but no additional
tax revenues may be deposited in the fund when its balance exceeds $ ....... new text end . Upon the
redemption or defeasance of the bonds and the establishment of reserves adequate to meet
such future obligations, the taxes shall terminate and shall not be reimposed.

new text begin EFFECTIVE DATE. new text end

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