Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 351--S.F.No. 463
           An act relating to port authorities; authorizing 
          revenue bond financing of certain facilities; 
          eliminating the interest rate limit on revenue bonds 
          and authorizing private sale; clarifying contractual 
          and operational authority of port authorities; 
          amending Minnesota Statutes 1982, sections 458.192, 
          subdivisions 1, 4, and by adding a subdivision; 
          458.194, subdivisions 2, 3, and by adding a 
          subdivision; and 458.195, by adding a subdivision. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 458.192, 
subdivision 1, is amended to read: 
    Subdivision 1.  In addition to all powers conferred on such 
the port authority under sections 458.09 to 458.19, such the 
port authority, or any a city authorized by any general or 
special law to exercise the powers of a port authority, to 
accomplish the purposes set forth in section 458.191, 
subdivision 1, shall have such additional the powers as provided 
in subdivisions 2 to 15 this section. 
    Sec. 2.  Minnesota Statutes 1982, section 458.192, 
subdivision 4, is amended to read: 
    Subd. 4.  It may contract and be contracted with in any 
matter connected with the purpose of industrial development 
within the powers of the port authority herein given.  It may 
enter into a partnership agreement with one or more other 
persons under which the port authority serves as a limited 
partner only.  
    Sec. 3.  Minnesota Statutes 1982, section 458.192, is 
amended by adding a subdivision to read: 
    Subd. 16.  It may operate and maintain a public parking or 
other public facility to promote development in a development 
district.  
     Sec. 4.  Minnesota Statutes 1982, section 458.194, 
subdivision 2, is amended to read: 
    Subd. 2.  The bonds of each series issued by the port 
authority under the provisions of this section shall bear 
interest at a rate or rates not exceeding eight percent per 
annum payable semiannually and, shall mature at such time or 
times within 30 years from the date of issuance, and shall be in 
such form, whether payable to bearer, registrable as to 
principal, or fully registrable, as may be determined by the 
port authority.  The provisions of section 458.193, subdivision 
6 shall apply to all bonds issued hereunder under this section, 
and such the bonds and any their coupons appurtenant thereto, 
when payable to bearer, shall be negotiable instruments. 
    Sec. 5.  Minnesota Statutes 1982, section 458.194, 
subdivision 3, is amended to read: 
    Subd. 3.  The sale of such revenue bonds issued by the port 
authority shall be at public or private sale pursuant to section 
475.60, or in accordance with the procedures set forth in 
sections 474.01 to 474.13.  Such The bonds may be sold in the 
manner and for the price that the port authority determines to 
be for the best interest of the port authority, but no such sale 
shall be made at a price so low as to require the payment of 
interest on the money received therefor at more than eight 
percent per annum, computed with relation to the absolute 
maturity of the bonds in accordance with standard tables of bond 
values, excluding from such computation the amount of any 
premium to be paid on redemption of any bonds prior to 
maturity.  Such The bonds may be made callable, and if so issued 
may be refunded. 
    Sec. 6.  Minnesota Statutes 1982, section 458.194, is 
amended by adding a subdivision to read:  
    Subd. 7.  If revenue bonds are to be issued under the 
provisions of this section and chapter 474, the provisions of 
section 474.01, subdivisions 7a, 7b and 8 and section 474.02, 
subdivision 1d, shall not apply if the interest on the revenue 
bonds is subject to both state and federal income taxation or if 
the revenue bond proceeds are not loaned by the port authority 
to a private person through a financing lease, loan agreement or 
otherwise.  
    Sec. 7.  Minnesota Statutes 1982, section 458.195, is 
amended by adding a subdivision to read:  
    Subd. 8.  The proceeds of obligations issued by a port 
authority under section 458.194 and temporary loans obtained 
under this section in connection with them may be used to make 
or purchase loans for port, industrial or economic facilities 
which the authority estimates will require financing.  For the 
purpose of making or purchasing the loans, the port authority 
may enter into loan agreements and other related agreements, 
both before and after the issuance of the obligations, with 
persons, firms, public or private corporations, federal or state 
agencies, and governmental units and under terms and conditions 
as the port authority deems appropriate.  Any governmental unit 
in the state may apply, contract for and receive the loans, and 
the provisions of chapter 475 shall not apply to the loans.  
    Sec. 8.  [EFFECTIVE DATE.] 
    This act shall take effect the day following final 
enactment. 
    Approved June 14, 1983