SF 1631

as introduced - 88th Legislature (2013 - 2014) Posted on 04/26/2013 09:00am

A bill for an act
relating to stadiums; modifying criteria for issuance of stadium bonds; amending
Minnesota Statutes 2012, section 297E.021, subdivision 3.

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

Section 1.

Minnesota Statutes 2012, section 297E.021, subdivision 3, is amended to
read:

Subd. 3.

Available revenues.

new text begin (a) new text end For purposes of this section, "available revenues"
equals the amount determined under subdivision 2:

(1) reduced by the following amounts paid for the fiscal year under:

(i) the appropriation to principal and interest on appropriation bonds under section
16A.965, subdivision 8;

(ii) the appropriation from the general fund to make operating expense payments
under section 473J.13, subdivision 2, paragraph (b);

(iii) the appropriation for contributions to the capital reserve fund under section
473J.13, subdivision 4, paragraph (c);

(iv) the appropriations under Laws 2012, chapter 299, article 4, for administration
and any successor appropriation;

(v) the reduction in revenues resulting from the sales tax exemptions under section
297A.71, subdivision 43;

(vi) reimbursements authorized by section 473J.15, subdivision 2, paragraph (d);

(vii) the compulsive gambling appropriations under section 297E.02, subdivision 3,
paragraph (c), and any successor appropriation; and

(viii) the appropriation for the city of St. Paul under section 16A.726, paragraph
(c); and

(2) increased by the revenue deposited in the general fund under section 297A.994,
subdivision 4, clauses (1) to (3), for the fiscal year.

new text begin (b) If for any year the available revenue as calculated in paragraph (a) is less than
the amount needed for the appropriation in subdivision 4, the NFL team shall pay the
deficiency to the state, which must be deposited in the general fund.
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