as introduced - 87th Legislature (2011 - 2012) Posted on 03/09/2012 11:29am
A bill for an act
relating to local government; authorizing Woodbury to issue public debt without
a referendum for a youth athletic facility.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding the referendum requirement in Minnesota Statutes, section 475.58,
subdivision 1, or any other provision of law, the city of Woodbury may issue and sell
obligations to finance a facility that is used predominantly for youth athletic activities if:
(1) the obligations are secured by a pledge of revenues from the facility; and (2) the
city finds, based on analysis provided by a professional experienced in finance, that the
facility's revenues and other available money will be sufficient to pay the obligations
without reliance on a property tax levy or the city's general purpose state aid.
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This section is effective the day after
the governing body of the city of Woodbury and its chief clerical officer timely complete
their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
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