SF2319 (Legislative Session 94 (2025-2026))
Vikings stadium secured perimeter bond issue and appropriation
Related bill: HF2255
AI Generated Summary
Purpose of the Bill
The proposed legislation aims to provide funding for a secured perimeter around the Vikings stadium in Minneapolis. It allows for the sale and issuance of appropriation bonds to finance these security enhancements.
Main Provisions
- Bond Issuance: Authorizes the sale of appropriation bonds not exceeding $30 million to fund the cost of constructing a secured perimeter around the stadium.
- Appropriation of Funds: Proceeds from the bonds will be allocated to a special fund for debt service and construction costs. Bond proceeds are designated specifically for a grant to the Minnesota Sports Facilities Authority for these purposes.
- Security Features: The secured perimeter includes elements like anti-climb fencing, gates, bollards, crash barriers, and other surveillance equipment to enhance stadium security.
- Refunding Bonds: Allows the issuance of new bonds to refund existing ones, potentially reducing costs or extending deadlines.
Significant Changes
- Legal Investments: Authorizes various state entities including banks, insurance companies, and other fiduciaries to invest in these bonds.
- No Full Faith & Credit: The bonds are not backed by the state’s full faith and credit, meaning the state is not obligated to use tax revenues to repay them.
- State Immunity Waiver: Applies an existing waiver of state immunity to the issued bonds, allowing legal actions relating to the bonds if necessary.
Relevant Terms
- Bonds, Appropriation, Debt Service, Stadium Security, Public Investment, Minnesota Sports Facilities Authority, Refund, Legal Investment, State Immunity Waiver.
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 10, 2025 | Senate | Action | Introduction and first reading | ||
| March 10, 2025 | Senate | Action | Referred to | Capital Investment |
Citations
[
{
"analysis": {
"added": [
"Allows the application of income earned on investments to bond payments."
],
"removed": [],
"summary": "This bill authorizes the commissioner to invest escrowed proceeds from refunding bonds in obligations that are authorized under section 11A.24.",
"modified": [
"Clarifies use of investment income for refunding process."
]
},
"citation": "11A.24"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill specifies the issuance and form of appropriation bonds in accordance with section 16A.672.",
"modified": [
"Details conflict resolution between this bill's provisions and section 16A.672."
]
},
"citation": "16A.672"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill mentions the appropriations from the general fund for debt service on bonds subject to section 16A.152.",
"modified": [
"Specifies conditions for appropriation repeal or unallotment."
]
},
"citation": "16A.152"
},
{
"analysis": {
"added": [
"Applies waiver of immunity to specific financial instruments and contracts."
],
"removed": [],
"summary": "The bill provides for the waiver of immunity related to appropriation bonds as stipulated in section 3.751 subdivision 1.",
"modified": []
},
"citation": "3.751 subdivision 1"
}
]Progress through the legislative process
In Committee