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SF 3582

as introduced - 91st Legislature (2019 - 2020) Posted on 02/25/2020 09:37am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to capital improvements; requiring voter approval for capital improvements
over $1,000,000; amending Minnesota Statutes 2018, sections 373.40, subdivision
4; 475.521, subdivision 4.

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

Section 1.

Minnesota Statutes 2018, section 373.40, subdivision 4, is amended to read:


Subd. 4.

Limitations on amount.

new text begin(a) new text endA county may not issue bonds under this section
if the maximum amount of principal and interest to become due in any year on all the
outstanding bonds issued pursuant to this section (including the bonds to be issued) will
equal or exceed 0.12 percent of the estimated market value of property in the county.
Calculation of the limit must be made using the estimated market value for the taxes payable
year in which the obligations are issued and sold. This section does not limit the authority
to issue bonds under any other special or general law.

new text begin (b) Capital improvements over $1,000,000 require the approval of a majority of the
voters in the county voting on the question of approving the capital improvement.
new text end

Sec. 2.

Minnesota Statutes 2018, section 475.521, subdivision 4, is amended to read:


Subd. 4.

Limitations on amount.

new text begin(a) new text endA municipality may not issue bonds under this
section if the maximum amount of principal and interest to become due in any year on all
the outstanding bonds issued under this section, including the bonds to be issued, will equal
or exceed 0.16 percent of the estimated market value of property in the municipality.
Calculation of the limit must be made using the estimated market value for the taxes payable
year in which the obligations are issued and sold. In the case of a municipality with a
population of 2,500 or more, the bonds are subject to the net debt limits under section 475.53.
In the case of a shared facility in which more than one municipality participates, upon
compliance by each participating municipality with the requirements of subdivision 2, the
limitations in this subdivision and the net debt represented by the bonds shall be allocated
to each participating municipality in proportion to its required financial contribution to the
financing of the shared facility, as set forth in the joint powers agreement relating to the
shared facility. This section does not limit the authority to issue bonds under any other
special or general law.

new text begin (b) Capital improvements over $1,000,000 require the approval of a majority of the
voters in the municipality voting on the question of approving the capital improvement.
new text end

Sec. 3. new text beginEFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective for bonds issued after August 1, 2020.
new text end