SF 1687

as introduced - 91st Legislature (2019 - 2020) Posted on 03/07/2019 04:25pm

A bill for an act
relating to the state agricultural society; increasing the maximum amount of
outstanding debt allowed; repealing the sunset on authority to issue debt for state
fair purposes; amending Minnesota Statutes 2018, section 37.31, subdivision 1;
repealing Minnesota Statutes 2018, section 37.31, subdivision 8.

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

Section 1.

Minnesota Statutes 2018, section 37.31, subdivision 1, is amended to read:

Subdivision 1.

Bonding authority.

The society may issue negotiable bonds in a principal
amount that the society determines necessary to provide sufficient money for achieving its
purposes, including the payment of interest on bonds of the society, the establishment of
reserves to secure its bonds, the payment of fees to a third party providing credit
enhancement, and the payment of all other expenditures of the society incident to and
necessary or convenient to carry out its corporate purposes and powers. Bonds of the society
may be issued as bonds or notes or in any other form authorized by law. The principal
amount of bonds issued and outstanding under this section at any time may not exceed
deleted text begin $20,000,000 deleted text end new text begin $30,000,000 new text end , excluding bonds for which refunding bonds or crossover refunding
bonds have been issued.

Sec. 2. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2018, section 37.31, subdivision 8, new text end new text begin is repealed.
new text end

APPENDIX

Repealed Minnesota Statutes: 19-3347

37.31 ISSUANCE OF BONDS.

Subd. 8.

Expiration.

The authority to issue bonds, other than bonds to refund outstanding bonds, under this section expires July 1, 2025.