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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.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 09, 2025SenateFloorActionIntroduction and first reading
March 09, 2025SenateFloorActionReferred toCapital 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"
  }
]

Sponsors