SF 2171

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:35pm

A bill for an act
relating to capital improvements; appropriating money for rehabilitation public
housing; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin APPROPRIATION.
new text end

new text begin $10,000,000 is appropriated from the bond proceeds fund to the Housing Finance
Agency for the purposes of financing the rehabilitation costs to preserve public housing
under Minnesota Statutes, section 462A.202, subdivision 3a. For purposes of this section,
"public housing" means housing for low-income persons and households financed by
the federal government and owned and operated by the public housing authorities and
agencies formed by cities and counties. Eligible public housing authorities must have a
public housing assessment system rating of standard or above. Priority must be given to
proposals that maximize federal or local resources to finance the capital costs. The priority
in Minnesota Statutes, section 462A.202, subdivision 3a, for projects to increase the
supply of affordable housing and the restrictions of Minnesota Statutes, section 462A.202,
subdivision 7, do not apply to this appropriation.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated in section 1 from the bond proceeds fund, the
commissioner of management and budget shall sell and issue bonds of the state in an
amount up to $10,000,000 in the manner, upon the terms, and with the effect prescribed by
Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end