HF 4022

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/07/2022 03:01pm

A bill for an act
relating to taxation; property; exempting the city of Virginia from net debt limit.

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

Section 1. new text begin CITY OF VIRGINIA; NET DEBT LIMIT EXEMPTION.
new text end

new text begin The city of Virginia may finance the construction of a public safety building in the city
of Virginia by obtaining a loan from the United States Department of Agriculture secured
by its general obligation pledge. Any bonds issued relating to this construction project or
repayment of the loan must not be included in the computation of the city's limit on net debt
under Minnesota Statutes, section 475.53, subdivision 1.
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