Minnesota Session Laws - 1988, Regular Session

  

                         Laws of Minnesota 1988 

                        CHAPTER 513-H.F.No. 289 
           An act relating to the city of St. Paul; setting the 
          maximum amounts and other conditions for the issuance 
          of capital improvement bonds; amending Laws 1971, 
          chapter 773, section 1, subdivision 2, as amended; and 
          section 2, as amended; repealing Laws 1963, chapter 
          881, as amended. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1971, chapter 773, section 1, subdivision 
2, as amended by Laws 1974, chapter 351, section 5, Laws 1976, 
chapter 234, section 7, Laws 1978, chapter 788, section 1, Laws 
1981, chapter 369, section 1, and Laws 1983, chapter 302, 
section 1, is amended to read: 
    Subd. 2.  For each of the years 1983, 1984, 1985, 1986, 
1987, and 1988 through 1993, inclusive, the city of St. Paul is 
authorized to issue bonds in the aggregate principal amount of 
$8,000,000 for each year; or 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 that no 
more than $8,000,000 of bonds is authorized to be issued in any 
year, unless St. Paul's local general obligation debt as defined 
in this section is less than six percent of market value 
calculated as of December 31 of the preceding year; but at no 
time shall the aggregate principal amount of bonds authorized 
exceed $9,000,000 in 1983, $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, $13,300,000 in 1989, $14,000,000 in 1990, $14,800,000 
in 1991, $15,700,000 in 1992, and $16,600,000 in 1993. 
    Sec. 2.  Laws 1971, chapter 773, section 2, as amended by 
Laws 1978, chapter 788, section 2, and Laws 1983, chapter 302, 
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 and, commencing 
in the year 1989 and notwithstanding any provision in Laws 1978, 
chapter 788, section 5, as amended, for redevelopment project 
activities as defined in Minnesota Statutes, section 469.002, 
subdivision 14, in accordance with Minnesota Statutes, section 
469.041, clause (6).  The amount of proceeds of bonds authorized 
by section 1 used for redevelopment project activities shall not 
exceed $530,000 in 1988, $560,000 in 1989, $590,000 in 1990, 
$620,000 in 1991, $655,000 in 1992, and $690,000 in 1993. 
    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 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 the committee shall be purely advisory, and 
no buyer of any bonds shall be required to see to the 
application of the proceeds. 
     Sec. 3.  [REPEALER.] 
    Laws 1963, chapter 881, as amended by Laws 1967, chapter 
499, Laws 1969, chapter 923, Laws 1971, chapter 321, Laws 1973, 
chapter 395, and Laws 1975, chapter 260, is repealed. 
    Sec. 4.  [LOCAL APPROVAL.] 
    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 April 14, 1988