SF 2346

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:36pm

A bill for an act
relating to capital investment; providing for payment of certain lease revenue by
the Board of Trustees of the Minnesota State Colleges and Universities.

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

Section 1. new text begin LEASE REVENUE; ST. CLOUD TECHNICAL COLLEGE.
new text end

new text begin Notwithstanding Minnesota Statutes, section 16A.695, subdivision 2, the Board of
Trustees of the Minnesota State Colleges and Universities shall pay the commissioner
of management and budget one-third of the lease revenue received from the property
acquired for St. Cloud Technical College pursuant to Laws 2006, chapter 258, section 3,
subdivision 22, paragraph (c). The commissioner shall deposit the amount received in the
state bond fund to be used to pay, redeem, or defease bonds issued to finance the property
in accordance with the commissioner's order authorizing their issuance. The commissioner
shall credit the board's total general obligation bond debt service assessment by an amount
equal to the lease revenue it receives from the board under this provision.
new text end