SF 1562

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to government finance; limiting the time 
  1.3             within which authorized bonds may be issued; proposing 
  1.4             coding for new law in Minnesota Statutes, chapter 16A. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [16A.642] [SEVEN-YEAR LIMIT ON BONDING 
  1.7   AUTHORITY; REAUTHORIZATION.] 
  1.8      The time within which bonds authorized in accordance with 
  1.9   Minnesota Constitution, article XI, sections 4 to 7, and 
  1.10  sections 16A.631 to 16A.675, may be issued is limited by this 
  1.11  section, unless otherwise provided in the authorizing law or 
  1.12  unless issuance of the bonds is reauthorized by act of the 
  1.13  legislature.  After June 30, 1996, and after each succeeding 
  1.14  June 30, bonds authorized by a law enacted more than seven years 
  1.15  before July 1 of each year may not be issued, unless 
  1.16  reauthorized.  The reauthorization must state, with 
  1.17  particularity, the bonds which are reauthorized for issue.  A 
  1.18  reauthorization expires on June 30 of the fourth year after 
  1.19  enactment of the reauthorization, unless otherwise provided in 
  1.20  the reauthorization law.  This section does not limit the number 
  1.21  of reauthorizations that may be enacted for a particular bond. 
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective July 1, 1996.