Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 302--H.F.No. 445
           An act relating to the city of St. Paul; setting the 
          maximum amounts of and other conditions for the 
          issuance of capital improvement bonds; amending Laws 
          1971, chapter 773, sections 1, as amended, and 2, as 
          amended. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1971, chapter 773, section 1, as amended 
by Laws 1974, chapter 351, section 5, subdivision 1, Laws 1976, 
chapter 234, section 1, Laws 1978, chapter 788, section 1, and 
Laws 1981, chapter 369, section 1, is amended to read:  
     Section 1.  [ST. PAUL, CITY OF; CAPITAL IMPROVEMENT 
PROGRAM.] 
     Subdivision 1.  Notwithstanding any provision of the 
charter of the city of St. Paul, the council of said city shall 
have power by a resolution adopted by five affirmative votes of 
all its members to authorize the issuance and sale of general 
obligation bonds of the city in an amount of $6,500,000 for each 
calendar year for a four year period commencing with the year 
1976, the years stated and in the aggregate annual amounts not 
to exceed the limits prescribed in subdivision 2 of this section 
, for a five year period commencing in 1980, for the payment of 
which the full faith and credit of the city is irrevocably 
pledged. 
    Subd. 2.  For the year 1980 the city of St. Paul is 
authorized to issue bonds in the aggregate principal amount of 
$6,500,000 and For each of the years 1981 and 1982 1983, 1984, 
1985, 1986, 1987, and 1988 the city of St. Paul is authorized to 
issue bonds in the aggregate principal amount of $8,000,000 for 
each year; or for the year 1981 and subsequent years the city of 
St. Paul may issue bonds in an amount equal to one-fourth of one 
percent of the assessors estimated market value of taxable 
property in St. Paul, whichever is greater, provided further 
that no more than $8,000,000 of bonds is authorized to be issued 
in any such year, unless St. Paul's local general obligation 
debt as defined in this section is less than six percent of such 
market value calculated as of December 31 of the preceding year; 
but at no time shall the aggregate principal amount of bonds 
authorized exceed $8,500,000 in 1982, $9,000,000 in 1983 and 
, $9,500,000 in 1984, $10,100,000 in 1985, $10,700,000 in 1986, 
$11,300,000 in 1987, and $12,000,000 in 1988.  
     Subd. 3.  For purposes of this section, St. Paul's general 
obligation debt shall consist of the principal amount of all 
outstanding bonds of (1) the city of St. Paul, the housing and 
redevelopment authority of St. Paul, the civic center authority 
of St. Paul, and the port authority of St. Paul, for which the 
full faith and credit of the city or any of the foregoing 
authorities has been pledged; (2) Independent School District 
625, for which the full faith and credit of the district has 
been pledged; and (3) the county of Ramsey, for which the full 
faith and credit of the county has been pledged, reduced by an 
amount equal to the principal amount of such the outstanding 
bonds multiplied by a figure, the numerator of which is equal to 
the assessed value of property within the county outside of the 
city of St. Paul and the denominator of which is equal to the 
assessed value of the county.  
     There shall be deducted before making the foregoing 
computations the outstanding principal amount of all refunded 
bonds, all tax or aid anticipation certificates of indebtedness 
of the city, the authorities, the school district and the county 
for which the full faith and credit of the bodies has been 
pledged and all tax increment financed bonds which have not 
used, for the prior three consecutive years, general tax levies 
or capitalized interest to support annual principal and interest 
payments. 
    Sec. 2.  Laws 1971, chapter 773, section 2, as amended by 
Laws 1978, chapter 788, section 2, is amended to read:  
    Sec. 2.  The proceeds of all bonds issued pursuant to 
section 1 hereof shall be used exclusively for the acquisition, 
construction, and repair of capital improvements.  None of the 
proceeds of any bonds so issued shall be expended except upon 
projects which have been reviewed, and have received a priority 
rating, from a capital improvements committee consisting of 18 
members, of whom a majority shall not hold any paid office or 
position under the city of St. Paul.  The members shall be 
appointed by the mayor, with at least three four members from 
each Minnesota senate district located entirely within the city 
and at least two members from each senate district located 
partly within the city.  Prior to making an appointment to a 
vacancy on the capital improvement budget committee, the mayor 
shall consult the legislators of the senate district in which 
the vacancy occurs.  The priorities and recommendations of such 
the committee shall be purely advisory, and no buyer of any such 
bonds shall be required to see to the application of the 
proceeds.  
     Sec. 3.  [EFFECTIVE DATE.] 
     This act is effective the day after compliance with 
Minnesota Statutes, section 645.021, subdivision 3, by the 
governing body of the city of St. Paul. 
    Approved June 9, 1983