Bill Text: MN HF2811 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Woodbury; public debt issuance authorized.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-03-14 - Division action, to pass and return to Taxes [HF2811 Detail]
Download: Minnesota-2011-HF2811-Introduced.html
1.2relating to local government; authorizing the city of Woodbury to issue public
1.3debt.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. WOODBURY; EXEMPTION FROM REFERENDUM.
1.6Notwithstanding the referendum requirement in Minnesota Statutes, section 475.58,
1.7subdivision 1, or any other provision of law, the city of Woodbury may issue and sell
1.8obligations to pay for the cost of renovating, improving, expanding, and equipping the
1.9Bielenberg Sports Center, along with costs of issuance of the obligations and capitalized
1.10interest, if:
1.11(1) the obligations are secured by a pledge of revenues from the facility; and
1.12(2) the city finds, based on analysis provided by a professional experienced in
1.13finance, that the facility's revenues and a property tax levy equal to the maximum annual
1.14property tax levy used to pay the bonds previously issued to finance, in whole or in part, the
1.15facility will in the aggregate be sufficient to pay the obligations without the imposition of
1.16an additional property tax levy pledged to the obligations.
1.17EFFECTIVE DATE; LOCAL APPROVAL.This section is effective the day after
1.18the governing body of the city of Woodbury and its chief clerical officer timely complete
1.19their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
1.3debt.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. WOODBURY; EXEMPTION FROM REFERENDUM.
1.6Notwithstanding the referendum requirement in Minnesota Statutes, section 475.58,
1.7subdivision 1, or any other provision of law, the city of Woodbury may issue and sell
1.8obligations to pay for the cost of renovating, improving, expanding, and equipping the
1.9Bielenberg Sports Center, along with costs of issuance of the obligations and capitalized
1.10interest, if:
1.11(1) the obligations are secured by a pledge of revenues from the facility; and
1.12(2) the city finds, based on analysis provided by a professional experienced in
1.13finance, that the facility's revenues and a property tax levy equal to the maximum annual
1.14property tax levy used to pay the bonds previously issued to finance, in whole or in part, the
1.15facility will in the aggregate be sufficient to pay the obligations without the imposition of
1.16an additional property tax levy pledged to the obligations.
1.17EFFECTIVE DATE; LOCAL APPROVAL.This section is effective the day after
1.18the governing body of the city of Woodbury and its chief clerical officer timely complete
1.19their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
