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S.F. No. 1967 - 2017 Public Finance Bill
 
Author: Senator Roger C. Chamberlain
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 20, 2017



 

Section 1. Certificates of indebtedness; towns. Provides that bonds issued by the town for the purpose of eliminating R-22 (Freon) as a refrigerant used in ice-making systems in existing public facilities shall be payable in not more than 20 years. 

Section 2. Equipment acquisition; capital notes; Hennepin County. Provides that bonds issued by Hennepin County for the purpose of eliminating R-22 (Freon) as a refrigerant used in ice-making systems in existing public facilities shall be payable in not more than 20 years. 

Section 3. Cities may issue capital notes for capital equipment; home rule charter cities. Provides that bonds issued by home rule charter cities for the purpose of eliminating R-22 (Freon) as a refrigerant used in ice-making systems in existing public facilities shall be payable in not more than 20 years. 

Section 4. Financing purchase of certain equipment; statutory cities. Provides that bonds issued by statutory cities for the purpose of eliminating R-22 (Freon) as a refrigerant used in ice-making systems in existing public facilities shall be payable in not more than 20 years. 

Section 5. General obligation revenue bonds; HRA. Increases the maximum amount of general obligation bonds that an HRA may issue to the greater of: (1) one-half of one percent of the estimated market value of the general jurisdiction governmental unit whose general obligation is pledged; or (2) $5,000,000 (an increase from $3,000,000).

Section 6. Establishment; EDA. Eliminates the requirement that before an economic development authority establishes an economic development district, the authority must publish notice of the hearing in a ’daily’ newspaper, so that any newspaper of general circulation in the city is sufficient.

Section 7. Street reconstruction and bituminous overlays. Allows a city to approve a plan to issue and sell obligations for street reconstruction or bituminous overlays with approval of a majority of the members of the governing body present rather than approval by all members of the governing body present at the meeting.

Section 8. Requirements waived.  Updates a reference of ‘financial’ advisor to ‘municipal’ advisor to be consistent with generally accepted terms.

 
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