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MN HF4337
Bill
Status
3/11/2020
Primary Sponsor
Mike Nelson
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AI Summary
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Creates a stadium payoff fund in the state treasury to be used for redeeming or defeasing stadium appropriation bonds under Minnesota Statutes section 16A.965.
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Requires the commissioner of management and budget to transfer excess amounts from the general reserve account to the stadium payoff fund by October 1 each year when the account exceeds the greater of stadium-related expenses or $40,000,000.
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Mandates the commissioner notify the legislature's Ways and Means and Finance Committee chairs and ranking minority members at least 15 days before increasing available revenues for stadium-related purposes.
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Requires annual reporting to the legislature by October 15 analyzing the stadium payoff fund's use, actual and projected payoff balance transfers, and when funds will be used to redeem or defease outstanding stadium debt.
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Provides for conditional repeal of the stadium payoff fund statute 60 days after the commissioner certifies that stadium appropriation bonds have been redeemed or defeased.
Legislative Description
Stadium general reserve account calculation adjusted, commissioner of management and budget required to notify legislature before stadium general reserve account changes, stadium payoff fund established, money transferred, and stadium payoff fund balance required to be used to redeem or defease stadium appropriations bonds.
Last Action
Introduction and first reading, referred to State Government Finance Division
3/11/2020