SF 54

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; dissolving the Hibbing Area Redevelopment
Agency; transferring assets and liabilities to the Hibbing Economic Development
Authority.

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

Section 1. new text begin DISSOLUTION AND DISCONTINUANCE OF HIBBING AREA
REDEVELOPMENT AGENCY.
new text end

new text begin Subdivision 1. new text end

new text begin Dissolution. new text end

new text begin The Hibbing Area Redevelopment Agency is dissolved
and discontinued.
new text end

new text begin Subd. 2. new text end

new text begin Transfer of assets. new text end

new text begin The assets of the Hibbing Area Redevelopment
Agency are transferred to the Hibbing Economic Development Authority by deed to be
signed by the president and secretary of the Hibbing Area Redevelopment Agency.
new text end

new text begin Subd. 3. new text end

new text begin Assumption of debts and obligations. new text end

new text begin After acceptance of the deed, the
Hibbing Economic Development Authority shall assume any and all of the obligations
and debts of the Hibbing Area Redevelopment Agency.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the city council for the
city of Hibbing and its chief clerical officer timely complete compliance with Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end