SF 2171

as introduced - 87th Legislature (2011 - 2012) Posted on 06/20/2012 04:15pm

A bill for an act
relating to capital improvements; appropriating money for State Capitol
restoration; authorizing the sale and issuance of state bonds; amending Minnesota
Statutes 2010, section 129D.17, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2010, section 129D.17, is amended by adding a
subdivision to read:

Subd. 4.

State Capitol restoration.

(a) Notwithstanding any other law to the
contrary, all revenue deposited in the arts and cultural heritage fund each fiscal year is
dedicated to paying the debt service on bonds issued by the commissioner of management
and budget to fund the $241,000,000 State Capitol restoration project proposed by the
State Capitol Preservation Commission pursuant to section 15B.32, subdivision 6. Any
additional money in the arts and cultural heritage fund after the sum sufficient for debt
service is transferred to the state bond fund is available only to the commissioner of
management and budget to retire the bonds early.

(b) This subdivision expires once all debt service obligations pertaining to the
restoration project are fully extinguished.

Sec. 2. APPROPRIATION; STATE CAPITOL RESTORATION.

$241,000,000 is appropriated from the bond proceeds fund to the commissioner of
administration for sequences A to D of the State Capitol restoration project proposed by
the State Capitol Preservation Commission in 2012 and pursuant to Minnesota Statutes,
section 15B.32, subdivision 6.

Sec. 3. BOND SALE.

To provide the money appropriated in section 2 from the bond proceeds fund, the
commissioner of management and budget shall sell and issue bonds of the state in an
amount up to $241,000,000 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. All bonds issued under this section shall mature not more than
six years from their respective dates of issue.

Sec. 4. DEBT SERVICE.

The amount necessary to pay the debt service on the bonds issued under section 3
is annually appropriated from the arts and cultural heritage fund under the Minnesota
Constitution, article XI, section 15, to the commissioner of management and budget for
transfer to the bond debt service account in the state bond fund. The commissioner of
management and budget shall determine the debt service amount required by this section
as provided in Minnesota Statutes, section 16A.643.

Sec. 5. EFFECTIVE DATE.

Sections 1 to 4 are effective the day following final enactment.