473I.11 Alternative bonding authority.
Subdivision 1. Commissioner determination. If the commissioner determines that all or a portion of the bonds could be issued by the municipality at a lower rate of interest than the bonds under section 473I.06, the municipality that is the site for the baseball park may issue a portion of the bonds under this section and chapter 475. The commissioner shall file the determination, in writing, with the secretary of state and the provisions of section 473.553, subdivision 14, take effect.
Subd. 2. Alternative ownership of ballpark. (a) If the commissioner determines to authorize the municipality to issue bonds under this section:
(1) the ownership of the baseball park must be in the commission; and
(b) The commission shall segregate and maintain separate accounts and records of the revenue and expenditures for the baseball park and may not use baseball park money for its operations and costs related to other sports facilities.
Subd. 3. Authorization reduction. The principal amount of any bonds issued under this section must be deducted from the principal amount of the bonds authorized under section 473I.06.
Subd. 4. Taxability. The bonds must be issued as tax-exempt revenue bonds.
Subd. 5. Procedure. If the municipality issues bonds under this section, the bonds must be sold, issued, and secured in the manner provided in chapter 475 for bonds payable solely from revenues and the municipality has the same powers and duties as a municipality and its governing body in issuing bonds under that chapter. The bonds may be sold at any price and at public or private sale as determined by the municipality. The bonds may be sold in one or more series. Different series may be backed by different revenue sources. An election is not required. The municipality may enter any agreements or arrangements it deems necessary or useful to issue the bonds. The municipality must give the proceeds of the bonds, less the cost of issuance, to the commission to be used for the purposes of acquiring and constructing the ballpark.
Subd. 6. Security. The municipality may pledge to the payment of and the bonds are payable from the taxes imposed by the municipality under section 473I.07, except subdivision 4.
HIST: 2002 c 397 s 15