SF 2809

as introduced - 91st Legislature (2019 - 2020) Posted on 11/03/2020 03:20pm

A bill for an act
relating to capital investment; appropriating money for public housing rehabilitation
and preservation; authorizing housing infrastructure bonding; authorizing the sale
and issuance of state bonds; amending Minnesota Statutes 2018, section 462A.37,
subdivision 5, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2018, section 462A.37, is amended by adding a subdivision
to read:

new text begin Subd. 2f. new text end

new text begin Additional authorization. new text end

new text begin In addition to the amount authorized in subdivisions
2 to 2e, the agency may issue up to $120,000,000 in housing infrastructure bonds in one or
more series to which the payments under this section may be pledged.
new text end

Sec. 2.

Minnesota Statutes 2018, section 462A.37, subdivision 5, is amended to read:

Subd. 5.

Additional appropriation.

(a) The agency must certify annually to the
commissioner of management and budget the actual amount of annual debt service on each
series of bonds issued under subdivisions 2a deleted text begin , 2b, 2c, 2d, and 2e deleted text end new text begin to 2f new text end .

(b) Each July 15, beginning in 2015 and through 2037, if any housing infrastructure
bonds issued under subdivision 2a remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $6,400,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(c) Each July 15, beginning in 2017 and through 2038, if any housing infrastructure
bonds issued under subdivision 2b remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $800,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(d) Each July 15, beginning in 2019 and through 2040, if any housing infrastructure
bonds issued under subdivision 2c remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a), not to exceed $2,800,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.

(e) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2d remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.

(f) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2e remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.

new text begin (g) Each July 15, beginning in 2021 and through 2042, if any housing infrastructure
bonds issued under subdivision 2f remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under section
462A.21, subdivision 33, the amount certified under paragraph (a). The amounts necessary
to make the transfers are appropriated from the general fund to the commissioner of
management and budget.
new text end

deleted text begin (g) deleted text end new text begin (h) new text end The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin PUBLIC HOUSING REHABILITATION AND PRESERVATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $60,000,000 is appropriated from the bond proceeds
fund to the Minnesota Housing Finance Agency for transfer to the housing development
fund to finance the costs of rehabilitation to preserve public housing under Minnesota
Statutes, section 462A.202, subdivision 3a. For purposes of this section, "public housing"
means housing for low-income persons and households financed by the federal government
and owned and operated by the public housing authorities and agencies formed by cities
and counties. Priority must be given to proposals that maximize federal or local resources
to finance the capital costs. The priority in Minnesota Statutes, section 462A.202, subdivision
3a, for projects to increase the supply of affordable housing and the restrictions of Minnesota
Statutes, section 462A.202, subdivision 7, do not apply to this appropriation.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $60,000,000 in the manner, upon the terms, and with the effect
prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota
Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end