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HF 2472

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:04am

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

Bill Text Versions

Engrossments
Introduction Posted on 01/08/2010

Current Version - as introduced

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A bill for an act
relating to capital improvements; authorizing the sale and issuance of state bonds;
appropriating money to renovate infrastructure and colocate the Minnesota
Workforce Center at Rochester Community and Technical College.

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

Section 1. new text beginMINNESOTA WORKFORCE CENTER AT ROCHESTER
COMMUNITY AND TECHNICAL COLLEGE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $8,500,000 is appropriated from the bond proceeds
fund to the Board of Trustees of the Minnesota State Colleges and Universities to complete
the design and to construct, furnish, and equip renovation of the heating, ventilating,
and air conditioning systems for, and an addition to, the Heintz Center at Rochester
Community and Technical College. The addition will house the Rochester Area Work
Force Center. The board of trustees must consult with the commissioner of employment
and economic development on the design of the renovations and addition.
new text end

new text begin This appropriation is in addition to the appropriation in Laws 2008, chapter 179,
section 3, subdivision 23.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin (a) 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 $8,500,000 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 (b) The commissioner of employment and economic development shall pay the debt
service on $5,262,000 of the principal amount of state bonds sold to finance this project, in
the manner provided in Minnesota Statutes, section 16A.643.
new text end

new text begin (c) The Board of Trustees of the Minnesota State Colleges and Universities shall pay
the debt service on $1,079,000 of the principal amount of state bonds sold to finance this
project. 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. The commissioner 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 by December 1 each year. If
the board fails to make a payment when due, the commissioner 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
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

Sec. 2. new text beginEFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end