SF 1576

as introduced - 88th Legislature (2013 - 2014) Posted on 04/11/2013 09:09am

A bill for an act
relating to stadiums; halting construction and sale of bonds until revenues
certified; amending Minnesota Statutes 2012, section 16A.965, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2012, section 16A.965, is amended by adding a
subdivision to read:

new text begin Subd. 11. new text end

new text begin Sale of bonds contingent. new text end

new text begin No bonds shall be sold, and no construction
may begin, on a new football stadium until the commissioner of management and budget
has certified that sufficient revenues from all sources allowed in law are available to meet
annual bond repayment schedules for the entire projected course of state expenditures
for the stadium.
new text end

new text begin EFFECTIVE DATE. new text end

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