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Minnesota Legislature

Office of the Revisor of Statutes

85A.05 MINNESOTA STATE ZOOLOGICAL GARDEN BONDS.
    Subdivision 1. Purpose and appropriation. For the purpose of providing money
appropriated to the Minnesota Zoological Board from the Minnesota Zoological Garden building
account for the acquisition and betterment of public land, buildings, and improvements of a
capital nature, when authorized by law and requested by the board, the commissioner of finance
shall sell and issue bonds of the state of Minnesota for the prompt and full payment of which,
with interest thereon, the full faith, credit, and taxing powers of the state are irrevocably pledged.
The proceeds of such bonds shall be credited to the building account, except that accrued interest
and any premium received on sale of the bonds shall be credited to the state bond fund account
referred to in subdivision 4, together with any additional sum directed to be so credited by
any law authorizing an issue of such bonds. Bonds shall be issued pursuant to this section
only as authorized by subdivision 6 or by another law in accordance with the provisions of the
Constitution, article XI, section 7. Any law authorizing the issuance of bonds in the manner
provided in this section shall, together with this section, constitute complete authority for such
issue, and such bonds shall not be subject to restrictions or limitations contained in any other law.
    Subd. 2. Issuance of bonds. Upon request by resolution of the Minnesota Zoological Board
and upon authorization as provided in subdivision 1 the commissioner of finance shall sell and
issue Minnesota Zoological Garden bonds in the aggregate amount requested, upon sealed bids
and upon such notice, at such price, in such form and denominations, bearing interest at such rate
or rates, maturing in such amounts and on such dates, without option of prepayment or subject to
prepayment upon such notice and at such times and prices, payable at such bank or banks within
or outside the state, with such provisions for registration, conversion, and exchange and for the
issuance of notes in anticipation of the sale or delivery of definitive bonds, and in accordance
with such further rules, as the commissioner of finance shall determine, subject to the approval of
the attorney general, but not subject to chapter 14, including section 14.386. The bonds shall be
executed by the commissioner of finance under official seal. The signature on the bonds and any
appurtenant interest coupons and the seal may be printed, lithographed, engraved, or stamped
thereon, except that each bond shall be authenticated by the manual signature on its face of the
commissioner of finance or of an officer of a bank designated by them as authenticating agent. The
commissioner of finance shall ascertain and certify to the purchasers of the bonds the performance
and existence of all acts, conditions, and things necessary to make them valid and binding general
obligations of the state of Minnesota, subject to the approval of the attorney general.
    Subd. 3. Expenses. All expenses incidental to the sale, execution, delivery and other
expenses of bonds pursuant to this section, including but not limited to actual and necessary travel
and subsistence expenses of state officers and employees for such purposes, shall be paid from
the Minnesota Zoological Garden building account, and the amounts necessary therefor are
appropriated from that account; provided that if any amount is specifically appropriated for
this purpose in an act authorizing the issuance of bonds pursuant to this section, such expenses
shall be limited to the amount so appropriated.
    Subd. 4. Minnesota State Zoological Garden bond account in the state bond fund. The
commissioner of finance shall maintain in the state bond fund a separate bookkeeping account
which shall be designated as the State Zoological Garden bond account, to record receipts and
disbursements of money transferred to the fund to pay Minnesota Zoological Garden bonds and
income from the investment of such money, which income shall be credited to the account in each
fiscal year. The amounts directed by section 85A.04, subdivision 2 to be transferred annually to
this bond account are appropriated thereto, and the legislature may also appropriate to the bond
account any other money in the state treasury not otherwise appropriated. On November 1 of each
year there shall be transferred to the bond account all of the money then available under any such
appropriation or such lesser sum as will be sufficient, with all money previously transferred to
the account and all income from the investment of such money, to pay all principal and interest
then and theretofore due and all principal and interest to become due to and including July 1 in
the second ensuing year on Minnesota Zoological Garden bonds. All money so transferred and
all income from the investment thereof shall be available for the payment of such bonds and
interest thereon, and so much thereof as may be necessary is appropriated for such payments.
The state auditor and commissioner of finance are directed to make the appropriate entries in
the accounts of the respective funds.
    Subd. 5. Tax levy. On or before December 1 in each year the state auditor shall levy on all
taxable property within the state whatever tax may be necessary to produce an amount sufficient,
with all money then and theretofore credited to the Minnesota Zoological Garden bond account, to
pay the entire amount of principal and interest then and theretofore due and principal and interest
to become due on or before July 1 in the second year thereafter on Minnesota Zoological Garden
bonds. This tax shall be subject to no limitation of rate or amount until all such bonds and interest
thereon are fully paid. The proceeds of this tax are appropriated and shall be credited to the state
bond fund, and the principal of and interest on the bonds are payable from such proceeds, and the
whole thereof, or so much as may be necessary, is appropriated for such payments. If at any time
there is insufficient money from the proceeds of such taxes to pay the principal and interest when
due on Minnesota Zoological Garden bonds, such principal and interest shall be paid out of the
general fund in the state treasury, and the amount necessary therefor is hereby appropriated, with
such sums from tax levies and the general fund subject to future reimbursement to the bond fund
by the Minnesota Zoological Garden bond account as indicated in section 85A.04, subdivision 2.
    Subd. 6. Bond authorization and appropriations. For the purpose of providing money for
the acquisition and betterment of public land, buildings, and improvements of a capital nature
needed for the Minnesota Zoological Garden in accordance with the comprehensive plan of the
Minnesota Zoological Board adopted in accordance with section 85A.02, subdivision 2, the
commissioner of finance is directed to sell and issue Minnesota Zoological Garden bonds in the
amount of $23,025,000 in the manner and upon the conditions provided in subdivisions 1 to 5. The
commissioner of finance may sell or issue an additional $2,350,000 of bonds, but no part thereof
shall be expended unless equally matched by other than state appropriations. Any gifts, grants,
or contributions accepted pursuant to section 85A.02, subdivision 5, other than contribution of
lands by governmental entities, for the establishment or operation of the Minnesota Zoological
Garden, whether in cash or in kind, shall be considered as matching funds. Noncash items shall be
tangible real or personal property and shall be attributed as matching funds according to their fair
market value at the time of receipt. The bonds may include a sum representing interest to accrue
on the bonds from and after its date of issue through the anticipated period of construction and
development of the Zoological Garden, which sum is needed for the payment and security of the
interest payments during that period, but in no event shall the bonds exceed the maximum amount
stated above. The bonds shall be sold, issued, and secured as provided in subdivisions 1 to 5 and
in article XI, section 7, of the Constitution, except that none of the bonds of any series issued
pursuant to this authorization shall mature earlier than one year after the date of completion of the
Minnesota Zoological Garden and related facilities as estimated by the Minnesota Zoological
Board at the time of the issuance of such series. The proceeds of the bonds, except premium
and accrued interest, are appropriated to the Minnesota Zoological Garden building account
for expenditure by the Minnesota Zoological Board for the purpose for which the bonds are
authorized in accordance with the provisions of section 85A.04, subdivision 2. In order to reduce
the amount of taxes otherwise required by the Constitution to be levied for the payment of interest
and principal on the bonds, there is also appropriated annually to the Minnesota state zoological
bond account in the state bond fund from the general fund a sum of money sufficient in amount,
when added to the balance on hand on November 1 in each year in the bond account, to pay all
principal and interest due and to become due on the bonds to and including July 1 in the second
ensuing year. The money received and on hand pursuant to this annual appropriation is available
in the state bond fund prior to the levy of the tax in any year required by the Constitution and by
subdivision 5 and shall be used to reduce the amount of the tax otherwise required to be levied.
History: 1973 c 207 s 3; 1973 c 492 s 14; 1975 c 382 s 10,11; 1976 c 2 s 172; 1979 c 333 s
80-82; 1982 c 424 s 130; 1985 c 248 s 70; 1Sp1985 c 13 s 374; 1Sp1985 c 14 art 4 s 8; 1995 c
233 art 2 s 56; 1997 c 187 art 5 s 12; 2003 c 112 art 2 s 13,50