SF 385

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:48am

A bill for an act
relating to capital investment; appropriating money for renovation of Wade
Stadium in Duluth; authorizing the sale and issuance of state bonds.

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

Section 1. CITY OF DULUTH; WADE STADIUM RENOVATION.

Subdivision 1.

Appropriation.

$5,700,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the
city of Duluth to design, construct, furnish, and equip improvements to the grandstand
and field at Wade Stadium, including improvements to the field's drainage, prior to its
resurfacing. There must be at least $1 of nonstate money committed to the project for
every $2.50 of state money.

Subd. 2.

Bond sale.

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 $5,700,000 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.

EFFECTIVE DATE.

This section is effective the day following final enactment.