SF 3855

as introduced - 90th Legislature (2017 - 2018) Posted on 08/24/2018 08:51am

A bill for an act
relating to capital investment; appropriating money for capital improvements at
Anoka-Ramsey Community College in Coon Rapids; authorizing the sale and
issuance of state bonds.

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

Section 1. new text begin ANOKA-RAMSEY COMMUNITY COLLEGE; COON RAPIDS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $569,000 is appropriated from the bond proceeds fund
to the Board of Trustees of the Minnesota State Colleges and Universities to design the
renovation of the business and nursing building on the Coon Rapids campus.
new text end

new text begin Subd. 2. new text end

new text begin Debt service. new text end

new text begin (a) The Board of Trustees shall pay the debt service on one-third
of the principal amount of state bonds sold to finance the project authorized by this section.
After each sale of general obligation bonds, the commissioner of management and budget
shall notify the board of the amounts assessed for each year for the life of the bonds.
new text end

new text begin (b) The commissioner of management and budget shall reduce the board's assessment
each year by one-third of the net income from investment of general obligation bond proceeds
in proportion to the amount of principal and interest otherwise required to be paid by the
board. The board shall pay its resulting net assessment to the commissioner of management
and budget by December 1 each year. If the board fails to make a payment when due, the
commissioner of management and budget shall reduce allotments for appropriations from
the general fund otherwise available to the board and apply the amount of the reduction to
cover the missed debt service payment. The commissioner of management and budget shall
credit the payments received from the board to the bond debt service account in the state
bond fund each December 1 before money is transferred from the general fund under
Minnesota Statutes, section 16A.641, subdivision 10.
new text end

new text begin Subd. 3. new text end

new text begin Unspent appropriations. new text end

new text begin (a) Upon substantial completion of this project and
after written notice to the commissioner of management and budget, the board must use
any money remaining in the appropriation for that project for HEAPR under Minnesota
Statutes, section 135A.046. The board must report by February 1 of each even-numbered
year to the chairs of the house of representatives and senate committees with jurisdiction
over capital investment and higher education finance, and to the chairs of the house of
representatives Ways and Means Committee and the senate Finance Committee, on how
the remaining money has been allocated or spent.
new text end

new text begin (b) The unspent portion of the appropriation for this project after it is complete is available
for HEAPR under this subdivision on the campus of the Anoka-Ramsey Community College,
and the debt service requirement under this section is reduced accordingly. Minnesota
Statutes, section 16A.642, applies from the date of the original appropriation to the unspent
amount transferred.
new text end

new text begin Subd. 4. 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 $569,000 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