Bill Text: MN SF2291 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Woodbury youth athletic facility bond issue authorization
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2012-03-08 - Referred to Local Government and Elections [SF2291 Detail]
Download: Minnesota-2011-SF2291-Introduced.html
1.2relating to local government; authorizing Woodbury to issue public debt without
1.3a referendum for a youth athletic facility.
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 finance a facility that is used predominantly for youth athletic activities if:
1.9(1) the obligations are secured by a pledge of revenues from the facility; and (2) the
1.10city finds, based on analysis provided by a professional experienced in finance, that the
1.11facility's revenues and other available money will be sufficient to pay the obligations
1.12without reliance on a property tax levy or the city's general purpose state aid.
1.13EFFECTIVE DATE; LOCAL APPROVAL.This section is effective the day after
1.14the governing body of the city of Woodbury and its chief clerical officer timely complete
1.15their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
1.3a referendum for a youth athletic facility.
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 finance a facility that is used predominantly for youth athletic activities if:
1.9(1) the obligations are secured by a pledge of revenues from the facility; and (2) the
1.10city finds, based on analysis provided by a professional experienced in finance, that the
1.11facility's revenues and other available money will be sufficient to pay the obligations
1.12without reliance on a property tax levy or the city's general purpose state aid.
1.13EFFECTIVE DATE; LOCAL APPROVAL.This section is effective the day after
1.14the governing body of the city of Woodbury and its chief clerical officer timely complete
1.15their compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
