SF 2159

as introduced - 90th Legislature (2017 - 2018) Posted on 03/17/2017 08:32am

A bill for an act
relating to capital investment; authorizing housing infrastructure bonds;
appropriating money; amending Minnesota Statutes 2016, section 462A.37,
subdivision 5, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2016, section 462A.37, is amended by adding a subdivision
to read:

new text begin Subd. 2c. new text end

new text begin Additional authorization. new text end

new text begin In addition to the amount authorized in subdivisions
2, 2a, and 2b, the agency may issue up to $50,000,000 in housing infrastructure bonds in
one or more series to which the payments under this section may be pledged. Housing
funded with proceeds from bonds sold under this authorization must be permanent supportive
housing for people with behavioral health needs.
new text end

Sec. 2.

Minnesota Statutes 2016, section 462A.37, subdivision 5, is amended to read:

Subd. 5.

Additional appropriation.

(a) The agency must certify annually to the
commissioner of management and budget the actual amount of annual debt service on each
series of bonds issued under subdivisions 2a deleted text begin and deleted text end new text begin , new text end 2b new text begin , and 2c new text end .

(b) Each July 15, beginning in 2015 and through 2037, if any housing infrastructure
bonds issued under subdivision 2a remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $6,400,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(c) Each July 15, beginning in 2017 and through 2038, if any housing infrastructure
bonds issued under subdivision 2b remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $800,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(d) new text begin Each July 15, beginning in 2018 and through 2039, if any housing infrastructure
bonds issued under subdivision 2c remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $4,000,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.
new text end

new text begin (e) new text end The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.