Bill Text: MN SF986 | 2011-2012 | 87th Legislature | Engrossed
Bill Title: Bond sale authorization delay and appropriation reduction; state debt refunding requirement
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2011-03-28 - Comm report: To pass as amended and re-refer to Finance [SF986 Detail]
Download: Minnesota-2011-SF986-Engrossed.html
1.2relating to capital investment; delaying bond sale authorizations and reducing
1.3appropriations; requiring the sale and issuance of refunding bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. STATE DEBT REFUNDING REQUIRED.
1.6 Subdivision 1. Refunding. The commissioner of management and budget must
1.7issue and sell refunding bonds for state general obligation bonds that are eligible for
1.8refunding under federal tax laws if the interest rate savings to the state are greater than the
1.9costs associated with the issuance and sale of the refunding bonds. The commissioner must
1.10implement this section in a time frame that will reduce the amount of the appropriation
1.11from the general fund authorized in Minnesota Statutes, section 16A.641, subdivision
1.1210, in fiscal years 2012 and 2013.
1.13 Subd. 2. Appropriation reduction. The result of the sale of refunding bonds under
1.14subdivision 1 is estimated to reduce the appropriation for fiscal years 2012 and 2013 under
1.15Minnesota Statutes, section 16A.641, subdivision 10, by $60,000,000.
1.16 Subd. 3. Alternative reduction. To the extent that the sale of refunding bonds
1.17in subdivision 1 does not reduce the appropriation from the general fund in Minnesota
1.18Statutes, section 16A.641, subdivision 10, by $60,000,000, the commissioner of
1.19management and budget must delay the issuance of general obligation bonds that have
1.20been authorized but not yet issued to the extent that these delays, together with the result
1.21of the refunding in subdivision 1, reduces the appropriation for fiscal years 2012 and 2013
1.22under Minnesota Statutes, section 16A.641, subdivision 10, by $60,000,000.
2.1 Subd. 4. Effect of delay. Any delay in a capital investment project incurred as
2.2a result of this section shall not be counted toward the four-year time limits set forth
2.3in Minnesota Statutes, section 16A.642.
2.4EFFECTIVE DATE.This section is effective the day following final enactment.
1.3appropriations; requiring the sale and issuance of refunding bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. STATE DEBT REFUNDING REQUIRED.
1.6 Subdivision 1. Refunding. The commissioner of management and budget must
1.7issue and sell refunding bonds for state general obligation bonds that are eligible for
1.8refunding under federal tax laws if the interest rate savings to the state are greater than the
1.9costs associated with the issuance and sale of the refunding bonds. The commissioner must
1.10implement this section in a time frame that will reduce the amount of the appropriation
1.11from the general fund authorized in Minnesota Statutes, section 16A.641, subdivision
1.1210, in fiscal years 2012 and 2013.
1.13 Subd. 2. Appropriation reduction. The result of the sale of refunding bonds under
1.14subdivision 1 is estimated to reduce the appropriation for fiscal years 2012 and 2013 under
1.15Minnesota Statutes, section 16A.641, subdivision 10, by $60,000,000.
1.16 Subd. 3. Alternative reduction. To the extent that the sale of refunding bonds
1.17in subdivision 1 does not reduce the appropriation from the general fund in Minnesota
1.18Statutes, section 16A.641, subdivision 10, by $60,000,000, the commissioner of
1.19management and budget must delay the issuance of general obligation bonds that have
1.20been authorized but not yet issued to the extent that these delays, together with the result
1.21of the refunding in subdivision 1, reduces the appropriation for fiscal years 2012 and 2013
1.22under Minnesota Statutes, section 16A.641, subdivision 10, by $60,000,000.
2.1 Subd. 4. Effect of delay. Any delay in a capital investment project incurred as
2.2a result of this section shall not be counted toward the four-year time limits set forth
2.3in Minnesota Statutes, section 16A.642.
2.4EFFECTIVE DATE.This section is effective the day following final enactment.
