SF 1038

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; requiring reporting 
  1.3             on certain laws authorizing bonds; amending Minnesota 
  1.4             Statutes 1996, section 16A.642, subdivision 1, and by 
  1.5             adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 16A.642, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [REPORTS.] The commissioner of finance 
  1.10  shall report to the chairs of the senate committee on finance 
  1.11  and the house of representatives committees on ways and means 
  1.12  and on capital investment by February 1 of each 
  1.13  even-numbered odd-numbered year on the following: 
  1.14     (1) all state building projects for which bonds have been 
  1.15  authorized and issued by a law enacted more than seven years 
  1.16  before February 1 of that even-numbered year and of which 20 
  1.17  percent or less of a project's authorization has been encumbered 
  1.18  or otherwise obligated for the purpose stated in the law 
  1.19  authorizing the issue; and 
  1.20     (2) all state bonds authorized and issued for purposes 
  1.21  other than building projects reported under clause (1), by a law 
  1.22  enacted more than seven years before February 1 of that 
  1.23  even-numbered year, and the amount of any balance that is 
  1.24  unencumbered or otherwise not obligated for the purpose stated 
  1.25  in the law authorizing the issue. 
  2.1      (1) all laws authorizing the issuance of state bonds for 
  2.2   state or local government building projects enacted more than 
  2.3   five years before February 1 of that odd-numbered year; the 
  2.4   projects authorized to be acquired and constructed with the bond 
  2.5   proceeds for which less than 100 percent of the authorized total 
  2.6   cost has been expended, encumbered, or otherwise obligated; the 
  2.7   cost of contracts to be let in accordance with existing plans 
  2.8   and specifications shall be considered expended for this report; 
  2.9   and the amount of bonds not issued and bond proceeds held but 
  2.10  not previously expended, unencumbered, or otherwise obligated 
  2.11  for these projects; and 
  2.12     (2) all laws authorizing the issuance of state bonds for 
  2.13  state or local government programs or projects other than those 
  2.14  described in clause (1), enacted more than five years before 
  2.15  February 1 of that odd-numbered year; and the amount of bonds 
  2.16  not issued and bond proceeds held but not previously expended, 
  2.17  encumbered, or otherwise obligated for these programs and 
  2.18  projects. 
  2.19     The commissioner shall also report on bond authorizations 
  2.20  or bond proceed balances that may be canceled because projects 
  2.21  have been canceled, completed, or otherwise concluded, or 
  2.22  because the purposes for which the bonds were authorized or 
  2.23  issued have been canceled, completed, or otherwise concluded.  
  2.24  The bond authorizations or bond proceed balances that are 
  2.25  unencumbered or otherwise not obligated that are reported by the 
  2.26  commissioner under this subdivision are canceled, effective July 
  2.27  1 of the year of the report, unless specifically reauthorized by 
  2.28  act of the legislature. 
  2.29     Sec. 2.  Minnesota Statutes 1996, section 16A.642, is 
  2.30  amended by adding a subdivision to read: 
  2.31     Subd. 3.  [APPLICATION OF UNUSED BOND PROCEEDS.] All 
  2.32  canceled bond proceeds shall be transferred to the state bond 
  2.33  fund and used to pay or redeem bonds from which they were 
  2.34  derived.