SF 2551

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of St. Paul; setting out certain 
  1.3             local bonding authority limits through 2008; amending 
  1.4             Laws 1971, chapter 773, section 1, subdivision 2, as 
  1.5             amended. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1971, chapter 773, section 1, subdivision 
  1.8   2, as amended by Laws 1976, chapter 234, sections 1 and 7, Laws 
  1.9   1978, chapter 788, section 1, Laws 1981, chapter 369, section 1, 
  1.10  Laws 1983, chapter 302, sections 1, Laws 1988, chapter 513, 
  1.11  section 1, Laws 1992, chapter 511, article 9, section 23, and 
  1.12  Laws 1998, chapter 389, article 3, section 27, is amended to 
  1.13  read: 
  1.14     Subd. 2.  For each of the years through 2003, the city of 
  1.15  St. Paul is authorized to issue bonds in the aggregate principal 
  1.16  amount of $15,000,000 for each year; or in an amount equal to 
  1.17  one-fourth of one percent of the assessors estimated market 
  1.18  value of taxable property in St. Paul, whichever is greater, 
  1.19  provided that no more than $15,000,000 of bonds is authorized to 
  1.20  be issued in any year, unless St. Paul's local general 
  1.21  obligation debt as defined in this section is less than six 
  1.22  percent of market value calculated as of December 31 of the 
  1.23  preceding year; but at no time shall the aggregate principal 
  1.24  amount of bonds authorized exceed $18,000,000 in 1998, 
  1.25  $18,000,000 in 1999, $19,000,000 in 2000, $19,000,000 in 2001, 
  2.1   $19,500,000 in 2002, and $20,000,000 in each of the years from 
  2.2   2003 through 2008. 
  2.3      Sec. 2.  [EFFECTIVE DATE.] 
  2.4      Section 1 is effective the date after its final enactment.