SF 1466

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; authorizing issuance 
  1.3             of state bonds; appropriating money for grants to the 
  1.4             city of Minneapolis to pay the principal on the city's 
  1.5             bonds for the Minneapolis Convention Center and 
  1.6             related facilities and for the Target Center. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [APPROPRIATION.] 
  1.9      (a) $319,005,000 is appropriated from the bond proceeds 
  1.10  fund to the commissioner of finance for a grant to the city of 
  1.11  Minneapolis to pay the principal on outstanding bonds of the 
  1.12  city of Minneapolis issued to finance the Minneapolis Convention 
  1.13  Center and related facilities, subject to Minnesota Statutes, 
  1.14  section 16A.695. 
  1.15     (b) $74,675,000 is appropriated from the bond proceeds fund 
  1.16  to the commissioner of finance for a grant to the city of 
  1.17  Minneapolis to pay the principal on outstanding bonds of the 
  1.18  city of Minneapolis and the Minneapolis community development 
  1.19  agency issued to finance the Target Center, subject to Minnesota 
  1.20  Statutes, section 16A.695. 
  1.21     Sec. 2.  [BOND SALE.] 
  1.22     To provide the money appropriated in this act from the bond 
  1.23  proceeds fund, the commissioner of finance shall sell and issue 
  1.24  bonds of the state in an amount up to $393,680,000 in the 
  1.25  manner, upon the terms, and with the effect prescribed by 
  1.26  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  2.1   Minnesota Constitution, article XI, sections 4 to 7. 
  2.2      Sec. 3.  [EFFECTIVE DATE.] 
  2.3      Sections 1 and 2 are effective the day following final 
  2.4   enactment.