Purpose of the Bill

The purpose of this bill is to amend existing laws regarding the financial management and operational authority of the Minnesota State Armory Building Commission. Specifically, the bill seeks to increase the financial capacity and capability of the commission to support the maintenance and development of state armories.

Main Provisions

• Bonded Indebtedness Increase: The bill raises the limit on the total amount of bonded indebtedness the State Armory Building Commission can incur. Previously capped at $15,000,000, the new limit is set to $45,000,000.
• Property Acquisition and Management: The commission has the authority to acquire property necessary for new armories by various means, including lease, purchase, or condemnation.
• Construction and Equipment: The commission is empowered to construct and equip new armories within the financial limits provided.
• Financial and Legal Operations: The commission can borrow money, issue bonds, enter into contracts, and be involved in lawsuits related to its objectives.
• Partnerships and Funding: The bill allows the commission to engage in partnerships with federal and state governments and to utilize federal and local funds when available.

Significant Changes to Existing Law

• The most significant change is the increase in maximum allowable bonded indebtedness for the State Armory Building Commission, allowing for a higher level of financial leverage to build and maintain armory facilities.
• The bill formalizes the commission’s ability to manage funds, acquire properties, and enter into necessary financial and legal arrangements to support military infrastructure.

Relevant Terms

State Armory Building Commission, bonded indebtedness, property acquisition, eminent domain, armories, financial management, federal and state partnerships.