SF 2451

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to metropolitan government; authorizing the 
  1.3             metropolitan airports commission to issue revenue 
  1.4             bonds; amending Minnesota Statutes 1994, section 
  1.5             473.608, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 473.608, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 12a.  [REVENUE BONDS.] For purposes of funding 
  1.10  capital improvements at the airports managed by the commission, 
  1.11  the commission may issue general airport revenue bonds, special 
  1.12  facilities bonds, and passenger facility charge bonds.  These 
  1.13  bonds are secured by available revenue in accordance with 
  1.14  generally accepted public financial practices and as provided by 
  1.15  resolution of the commission.  The bonds may not be secured by 
  1.16  the full faith and credit of the commission or a pledge of the 
  1.17  taxing authority of the commission or of any city in or for 
  1.18  which the commission has been created.