SF 1644

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the Central Minnesota Events Center; 
  1.3             raising a spending limit from local bonds and taxes; 
  1.4             amending Laws 1998, chapter 389, article 8, section 
  1.5             44, subdivision 6. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1998, chapter 389, article 8, section 44, 
  1.8   subdivision 6, is amended to read: 
  1.9      Subd. 6.  [BONDING AUTHORITY.] (a) The cities named in 
  1.10  subdivision 1 may issue bonds under Minnesota Statutes, chapter 
  1.11  475, to finance the acquisition, construction, and improvement 
  1.12  of the Central Minnesota Events Center.  An election to approve 
  1.13  the bonds under Minnesota Statutes, section 475.58, may be held 
  1.14  in combination with the election to authorize imposition of the 
  1.15  tax under subdivision 1.  Whether to permit imposition of the 
  1.16  tax and issuance of bonds may be posed to the voters as a single 
  1.17  question.  The question must state that the sales tax revenues 
  1.18  are pledged to pay the bonds, but that the bonds are general 
  1.19  obligations and will be guaranteed by the city's property taxes. 
  1.20     (b) The issuance of bonds under this subdivision is not 
  1.21  subject to Minnesota Statutes, section 275.60. 
  1.22     (c) The bonds are not included in computing any debt 
  1.23  limitation applicable to the city, and the levy of taxes under 
  1.24  Minnesota Statutes, section 475.61, to pay principal of and 
  1.25  interest on the bonds is not subject to any levy limitation. 
  2.1   The aggregate principal amount of bonds issued by all cities 
  2.2   named in subdivision 1, plus the aggregate of the taxes used 
  2.3   directly to pay eligible capital expenditures and improvements 
  2.4   may not exceed $50,000,000 $75,000,000, plus an amount equal to 
  2.5   the costs related to issuance of the bonds, less any amount made 
  2.6   available to the cities for the project described in subdivision 
  2.7   5 under the capital expenditure legislation adopted during the 
  2.8   1998 session of the legislature. 
  2.9      (d) The taxes may be pledged to and used for the payment of 
  2.10  the bonds and any bonds issued to refund them, only if the bonds 
  2.11  and any refunding bonds are general obligations of the city.