2005 Minnesota Statutes

     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 

    (2) the commission has all of the powers and 
 responsibilities of the municipality under the provisions of 
 sections 473I.03; 473I.04; 473I.05; 473I.06; 473I.07, 
 subdivision 4; 473I.08; and 473I.10. 

    (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