Bill Text: MN HF2043 | 2011-2012 | 87th Legislature | Introduced

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Bill Title: Youth ice facility municipal financing law modified.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-03-12 - Motion to return bill to author, motion prevailed [HF2043 Detail]

Download: Minnesota-2011-HF2043-Introduced.html

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A bill for an act

relating to bonding; municipal bonds; modifying law relating to youth ice
facilities;amending Minnesota Statutes 2010, section 475.58, subdivision 3a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2010, section 475.58, subdivision 3a, is amended to read:
    Subd. 3a. Youth ice Recreational facilities. A municipality may, without regard to
the election requirement under subdivision 1 or under any other provision of law or home
rule charter, issue and sell obligations to refund existing debt of an indoor ice arena finance
the acquisition, improvement, construction, or renovation of a recreational facility that is
used predominantly for youth athletic activity if all the following conditions are met:
(1) the obligations are secured by a pledge of revenues from the facility; and
(2) the governing body of the municipality finds, based on analysis provided by a
professional experienced in finance, that the facility's revenues and other available money
will be sufficient to pay the obligations, without reliance on a an additional property tax
levy or the municipality's general purpose state aid.