16A.642 STATE BONDS: REPORTS; CANCELLATIONS.
Subdivision 1. Reports.
(a) The commissioner of finance shall report to the chairs of the
senate Committee on Finance and the house of representatives Committees on Ways and Means
and on Capital Investment by January 1 of each odd-numbered year on the following:
(1) all laws authorizing the issuance of state bonds or appropriating general fund money for
state or local government capital investment projects enacted more than four years before January
1 of that odd-numbered year; the projects authorized to be acquired and constructed for which
less than 100 percent of the authorized total cost has been expended, encumbered, or otherwise
obligated; the cost of contracts to be let in accordance with existing plans and specifications shall
be considered expended for this report; and the amount of general fund money appropriated but
not spent or otherwise obligated, and the amount of bonds not issued and bond proceeds held but
not previously expended, encumbered, or otherwise obligated for these projects; and
(2) all laws authorizing the issuance of state bonds or appropriating general fund money
for state or local government capital programs or projects other than those described in clause
(1), enacted more than four years before January 1 of that odd-numbered year; and the amount
of general fund money appropriated but not spent or otherwise obligated, and the amount of
bonds not issued and bond proceeds held but not previously expended, encumbered, or otherwise
obligated for these programs and projects.
(b) The commissioner shall also report on general fund appropriations for capital projects,
bond authorizations or bond proceed balances that may be canceled because projects have been
canceled, completed, or otherwise concluded, or because the purposes for which the money was
appropriated or bonds were authorized or issued have been canceled, completed, or otherwise
concluded. The general fund appropriations, bond authorizations or bond proceed balances that
are unencumbered or otherwise not obligated that are reported by the commissioner under this
subdivision are canceled, effective July 1 of the year of the report, unless specifically reauthorized
by act of the legislature.
Subd. 2. Cancellation.
If the commissioner determines that the purposes for which general
obligation bonds of the state have been issued or for which general fund monies were appropriated
are accomplished or abandoned, after consultation with the affected agencies, and there is a
remaining authorization or appropriation for a specific project of $500 or less, the commissioner
may cancel the remaining authorization or appropriation for that project. The commissioner must
notify the chairs of the senate Finance Committee and the house Capital Investment Committee of
any bond authorizations or general fund appropriations canceled under this subdivision.
Subd. 3. Application of unused bond proceeds.
All canceled bond proceeds shall be
transferred to the state bond fund and used to pay or redeem bonds from which they were derived.
Subd. 4. General fund cancellations.
All canceled general fund appropriations for capital
improvement projects under this section are canceled to the general fund.
History: 1Sp1995 c 2 art 1 s 16; 1997 c 202 art 2 s 20,21; 2000 c 492 art 1 s 29; 2003 c 112
art 1 s 13; 1Sp2003 c 1 art 2 s 38