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HF2255 (Legislative Session 94 (2025-2026))

Vikings stadium secured perimeter funding provided, appropriation bonds issued, and money appropriated.

Related bill: SF2319

AI Generated Summary

Purpose of the Bill

This bill is proposed to fund the creation of a secured perimeter around the Vikings stadium in Minneapolis, Minnesota. The funding would be facilitated through the issuance of appropriation bonds.

Main Provisions

  • Appropriation Bonds: The bill authorizes the state to sell and issue up to $30,000,000 in appropriation bonds. These bonds will finance the construction of physical security measures, such as fencing, gates, bollards, surveillance systems, and other security infrastructures at the Vikings stadium.
  • Use of Proceeds: The money raised by these appropriation bonds will be used for:
    • Creating a secured perimeter to improve safety around the stadium.
    • Covering the costs associated with issuing the bonds and related financial agreements.
  • Bond Details: The bonds can have a maximum term of up to 21 years and may include various financial instruments and agreements to maintain favorable interest rates and terms for Minnesota.
  • Investment and Payment: Bonds can be held by various entities, such as banks, insurance companies, and state or municipal bodies. The state is not obligated to use its full faith and credit to back these bonds; they will be repaid through specific appropriations made by the legislature, but there is no obligation to ensure sufficient appropriations annually.

Significant Changes

The bill represents a significant investment in public infrastructure via borrowing, introducing a specific legal mechanism related to the financial structuring and payment of state-issued bonds for capital projects.

Relevant Terms

  • Appropriation bonds
  • Secured perimeter
  • Minnesota Sports Facilities Authority
  • Vikings stadium security
  • Debt service
  • Bond proceeds fund

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 11, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy

Citations

 
[
  {
    "analysis": {
      "added": [
        "Clarifies that any money repaid must be used to offset principal and interest on bonds."
      ],
      "removed": [],
      "summary": "Section affects handling of money repaid to the commissioner of administration.",
      "modified": []
    },
    "citation": "129D.155"
  },
  {
    "analysis": {
      "added": [
        "Allows investment and reinvestment of refunding bond proceeds in authorized investments."
      ],
      "removed": [],
      "summary": "Deals with authorized investments for escrowed bond proceeds.",
      "modified": []
    },
    "citation": "11A.24"
  },
  {
    "analysis": {
      "added": [
        "Describes conditions for unallotment or cancellation of appropriations."
      ],
      "removed": [],
      "summary": "Section interacts with the appropriation for debt service on state-issued bonds.",
      "modified": []
    },
    "citation": "16A.152"
  },
  {
    "analysis": {
      "added": [
        "Applies waiver of immunity for approval of ancillary contracts with commissioner involvement."
      ],
      "removed": [],
      "summary": "Section regarding waiver of immunity applicable to appropriation bonds.",
      "modified": []
    },
    "citation": "3.751"
  }
]

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