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SF 725

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:15am

KEY: stricken = removed, old language.
underscored = added, new language.
Line numbers 1.1 1.2 1.3 1.4
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A bill for an act
relating to capital improvements; appropriating money for rehabilitation of
public housing; authorizing the sale and issuance of state bonds.

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

Section 1. new text beginAPPROPRIATION.
new text end

new text begin $20,000,000 is appropriated from the bond proceeds fund to the Housing Finance
Agency for the purposes of financing the rehabilitation costs to preserve public housing.
For purposes of this section, "public housing" is housing for low-income persons and
households financed by the federal government and owned and operated by public housing
authorities and agencies. Eligible public housing authorities must have a public housing
assessment system rating of standard or above. Priority must be given to proposals that
maximize federal or local resources to finance the capital costs.
new text end

Sec. 2. new text beginBOND SALE.
new text end

new text begin To provide the money appropriated in section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$20,000,000 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

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

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end