Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 407-H.F.No. 1249 
           An act relating to the city of St. Paul; providing 
          certain economic development authority. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [ECONOMIC DEVELOPMENT ACTIVITY.] 
    In addition to any other provision of law or charter, the 
city of St. Paul and the housing and redevelopment authority of 
the city of St. Paul may implement a citywide economic 
development program, and in connection with it may: 
    (a) provide working capital financing for any for-profit or 
nonprofit enterprise.  The financing may not be provided from 
the proceeds of bonds or other obligations that may be issued 
only to provide the capital costs of a project; 
    (b) apply funds of the city or the housing and 
redevelopment authority within or without the boundaries of any 
presently existing or future redevelopment project area, housing 
development project, housing project, municipal development 
district, economic development district, development district, 
mined underground space development, industrial development 
district, or tax increment district, except that tax increments 
shall only be applied in accordance with sections 469.174 to 
469.179; 
    (c) exercise any powers of an economic development 
authority under sections 469.090 to 469.108, and the powers 
granted to a city by sections 469.090 to 469.108 or 469.048 to 
469.068.  Only the city shall have the power under section 
469.084, subdivision 11, to approve the issuance of revenue 
bonds by the port authority, and the housing and redevelopment 
authority shall not exercise the other powers of the city under 
sections 469.090 to 469.108 or 469.048 to 469.068 until the 
city, by resolution, delegates the exercise of all or some of 
those powers to the housing and redevelopment authority; and 
    (d) apply funds as permitted by clauses (a) to (c) to 
financing for any public or private parking facility, child care 
facility, or a project as defined by section 469.153, 
subdivision 2. 
    Nothing in this section shall authorize the city or housing 
and redevelopment authority to use funds derived from bonds or 
other obligations contrary to the terms of any resolution, 
indenture of trust, revenue agreement, or similar instrument 
entered into by the city or housing and redevelopment authority 
in connection with the bonds or obligations. 
    Sec. 2.  [LOCAL APPROVAL.] 
    Section 1 is effective the day after compliance by the 
governing body of the city of St. Paul with Minnesota Statutes, 
section 645.021, subdivision 3. 
    Presented to the governor April 3, 1992 
    Signed by the governor April 7, 1992, 4:57 p.m.