SF 1573

as introduced - 87th Legislature (2011 - 2012) Posted on 03/22/2012 11:14am

A bill for an act
relating to bonding; increasing revenue bond debt ceiling for Board of Trustees
of the Minnesota State Colleges and Universities; amending Minnesota Statutes
2010, section 136F.98, subdivision 1.

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

Section 1.

Minnesota Statutes 2010, section 136F.98, subdivision 1, is amended to read:

Subdivision 1.

Issuance of bonds.

The Board of Trustees of the Minnesota State
Colleges and Universities or a successor may issue revenue bonds under sections 136F.90
to 136F.97 whose aggregate principal amount at any time may not exceed deleted text begin $300,000,000 deleted text end new text begin
$430,000,000 new text end , and payable from the revenue appropriated to the fund established by
section 136F.94, and use the proceeds together with other public or private money that
may otherwise become available to acquire land, and to acquire, construct, complete,
remodel, and equip structures or portions thereof to be used for dormitory, residence hall,
student union, food service, parking purposes, or for any other similar revenue-producing
building or buildings of such type and character as the board finds desirable for the good
and benefit of the state colleges and universities. Before issuing the bonds or any part
of them, the board shall consult with and obtain the advisory recommendations of the
chairs of the house of representatives Ways and Means Committee and the senate Finance
Committee about the facilities to be financed by the bonds.