H.F. No. 26, as introduced - 87th Legislative Session (2011-2012) Posted on Jan 10, 2011
1.2relating to capital improvements; appropriating money for the city of Preston to
1.3restore a historic grain elevator; authorizing the sale and issuance of state bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. APPROPRIATION; CITY OF PRESTON GRAIN ELEVATOR
1.7$450,000 is appropriated from the bond proceeds fund to the Minnesota Historical
1.8Society for a grant to the city of Preston to preserve Minnesota's history and cultural
1.9heritage by acquiring and predesigning, designing, and renovating to its 1916 condition
1.10the grain elevator, bagging shed, scale house, and dock in the city. The city may enter
1.11into a lease or management agreement for this project, subject to Minnesota Statutes,
1.13 Sec. 2. BOND SALE.
1.14To provide the money appropriated in section 1 from the bond proceeds fund, the
1.15commissioner of management and budget shall sell and issue bonds of the state in an
1.16amount up to $450,000 in the manner, upon the terms, and with the effect prescribed by
1.17Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
1.18article XI, sections 4 to 7.
1.19 Sec. 3. DEBT SERVICE.
1.20The amount necessary to pay the debt service on the bonds issued in section 2
1.21is annually appropriated from the arts and cultural heritage fund under the Minnesota
1.22Constitution, article XI, section 15, to the commissioner of management and budget for
2.1transfer to the bond debt service account in the state bond fund. The commissioner of
2.2management and budget shall determine the debt service amount required by this section
2.3as provided in Minnesota Statutes, section 16A.643.
2.4 Sec. 4. EFFECTIVE DATE.
2.5Sections 1 to 3 are effective the day following final enactment.