Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

SF 4001

as introduced - 91st Legislature (2019 - 2020) Posted on 03/06/2020 08:23am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17 2.18 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26
2.27

A bill for an act
relating to capital investment; appropriating money for a driver training facility at
Dakota County Technical College; authorizing the sale and issuance of state bonds.

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

Section 1. new text beginDRIVER TRAINING TRACK; DAKOTA COUNTY TECHNICAL
COLLEGE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $1,200,000 is appropriated from the bond proceeds fund
to the Board of Trustees of the Minnesota State Colleges and Universities for reconstructing
the driver training track at the Dakota County Technical College.
new text end

new text begin Subd. 2. new text end

new text begin Debt service. new text end

new text begin (a) Except as provided in paragraph (b), the board shall pay the
debt service on one-third of the principal amount of state bonds sold to finance projects
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 board need not pay debt service on bonds sold to finance higher education asset
preservation and replacement (HEAPR). Where a nonstate match is required, the debt service
is due on a principal amount equal to one-third of the total project cost, less the match
committed before the bonds are sold.
new text end

new text begin (c) 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 of 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 a project
authorized in this section 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 and ranking minority members of the house of
representatives and senate committees with jurisdiction over capital investment and higher
education finance, and to the chairs and ranking minority members 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 an appropriation for a project in this section that is complete
is available for HEAPR under this subdivision at the same campus as the project for which
the original appropriation was made, and the debt service requirement under subdivision 2
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 $1,200,000 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