SF 2797

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

  1.1                          A bill for an act 
  1.2             relating to affordable housing; authorizing the sale 
  1.3             of state bonds; appropriating money to the housing 
  1.4             finance agency for rental housing to be owned by a 
  1.5             public entity. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATION.] 
  1.8      $....... is appropriated from the bond proceeds fund for 
  1.9   transfer to the housing development fund for the purpose of 
  1.10  making loans for publicly owned permanent rental housing to 
  1.11  local units of government under Minnesota Statutes, section 
  1.12  462A.202, subdivision 3a.  An application must include at least 
  1.13  a two-to-one match of local funds to state funds, with 
  1.14  preference given to projects equally rated with a higher 
  1.15  percentage local match. 
  1.16     Sec. 2.  [BOND SALE.] 
  1.17     To provide the money appropriated in this act from the bond 
  1.18  proceeds fund, the commissioner of finance shall sell and issue 
  1.19  bonds of the state in an amount up to $....... in the manner, 
  1.20  upon the terms, and with the effect prescribed by Minnesota 
  1.21  Statutes, sections 16A.631 to 16A.675, and by the Minnesota 
  1.22  Constitution, article XI, sections 4 to 7. 
  1.23     Sec. 3.  [EFFECTIVE DATE.] 
  1.24     Sections 1 and 2 are effective the day following final 
  1.25  enactment.