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HF 2450

as introduced - 88th Legislature (2013 - 2014) Posted on 03/12/2014 12:41pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/27/2014

Current Version - as introduced

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A bill for an act
 relating to the city of St. Paul; expanding the authority to spend certain tax
increments; amending Laws 2008, chapter 366, article 5, section 36, subdivision
3.

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

Section 1.

Laws 2008, chapter 366, article 5, section 36, subdivision 3, is amended to
read:


Subd. 3.

Authorized expenditures.

Tax increment from the district may be
expended only to pay principal and interest on bond obligations issued by the new text begin city of new text end St.
Paul deleted text begin Housing and Redevelopment Authoritydeleted text end in deleted text begin 1996deleted text end new text begin 2009new text end for the deleted text begin convention center
deleted text end new text begin RiverCentre Arenanew text end , including payment of principal and interest on any bonds issued to
repay the bonds or loans. All such expenditures are deemed to be activities within the
district under Minnesota Statutes, section 469.1763, subdivisions 2, 3, and 4.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective without local approval under
Minnesota Statutes, section 645.023, subdivision 1, paragraph (a).
 new text end