Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 110--H.F.No. 697
           An act relating to the city of St. Paul; providing for 
          facilities, bonding, powers, and duties of the St. 
          Paul port authority; amending Laws 1976, chapter 234, 
          section 3, subdivision 1. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [PORT AUTHORITY; BONDS; CIVIC CENTER.] 
    Notwithstanding any contrary provision of law or charter, 
the port authority of the city of St. Paul, under Minnesota 
Statutes, sections 458.09 to 458.1991 and Extra Session Laws 
1971, chapter 35, sections 7 to 9, may issue revenue bonds to 
finance parking facilities and facilities for the civic center 
complex, or any part of it, to be operated by or on behalf of 
the city of St. Paul.  For that purpose the port authority of 
the city of St. Paul may enter into a lease or other financing 
agreement with the city, including the civic center authority, 
under Minnesota Statutes, sections 458.09 to 458.1991 and Extra 
Session Laws 1971, chapter 35.  The interest rate on the revenue 
bonds is not subject to statutory limit.  An economic 
development district need not be created under Minnesota 
Statutes, section 458.191.  The lease or other financing 
agreement may, but is not required to, meet the requirements of 
Minnesota Statutes, section 474.03, clause (4).  The city may, 
without an election and without regard to Minnesota Statutes, 
chapter 475, acquire and operate the facilities under the lease 
or other financing arrangement with the port authority.  The 
city may pledge for the purposes of this act all or part of the 
revenues derived from the facilities and proceeds of any special 
tax imposed under Laws 1982, chapter 523, article 25, section 
1.  This section supersedes any inconsistent provision of 
Minnesota Statutes, chapters 458, 474, and 475.  
    Sec. 2.  [SMALL BUSINESS FACILITIES.] 
    Notwithstanding any contrary provision of law, the port 
authority of the city of St. Paul may participate with any 
public or private corporations, profit or nonprofit, or other 
entities, whose purpose is to provide venture capital to small 
businesses with facilities located or to be located in the port 
district.  For that purpose the port authority may use not more 
than ten percent of available annual net income or $400,000 
annually, whichever is less, to acquire or invest in securities 
of, and enter into financing arrangements and related agreements 
with the corporations or entities.  The participation by the 
port authority shall not exceed in any year 25 percent of the 
total amount of funds provided for venture capital purposes by 
all of the participants, and provided the corporation or entity 
shall report in writing each month to the commissioners of the 
port authority all investment action and other actions taken by 
it since the last report.  All funds contributed to the 
corporation or entity shall be invested pro-rata with each 
contributor of capital taking proportional risks on each 
investment.  As used in this section, the term "small business" 
has the meaning given in Minnesota Statutes, section 645.445, 
subdivision 2.  
    Sec. 3.  Laws 1976, chapter 234, section 3, subdivision 1, 
is amended to read:  
    Subdivision 1.  Notwithstanding any provision of law or the 
charter of the city of St. Paul to the contrary, any issue of 
revenue bonds authorized by the port authority of the city of 
St. Paul shall be issued only with the consent of the city 
council of the city of St. Paul by a resolution adopted in 
accordance with law.  Notwithstanding any provision of law or 
the charter of the city of St. Paul to the contrary, any project 
to be financed by the port authority of the city of St. Paul by 
proceeds of revenue bonds shall be financed only with the 
consent of the city council of the city of St. Paul by a 
resolution adopted in accordance with law.  
     Sec. 4.  [LOCAL APPROVAL.] 
     This act is effective the day after compliance by both the 
board of the port authority of the city of St. Paul and the 
governing body of the city of St. Paul with Minnesota Statutes, 
section 645.021, subdivision 3, and shall expire June 30, 1987. 
    Approved May 10, 1983