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SF3113 (Legislative Session 94 (2025-2026))

Event venue capital improvements bond issuance and appropriation

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to allocate funds for capital improvements to specific event venues in St. Paul, Minnesota. It proposes authorizing the sale and issuance of state appropriation bonds to finance these improvements.

Main Provisions

  • Event Venue Improvements: The bill aims to fund renovations and expansions, improve safety and accessibility, and upgrade facilities like HVAC systems, restrooms, seating, and connectivity at the RiverCentre arena, RiverCentre complex, and Roy Wilkins Auditorium.
  • Issuance of Appropriation Bonds: The bill authorizes the sale of state appropriation bonds up to $394,610,000 to finance these upgrades. These bonds are repayable through legislated appropriations and not considered public debt of the state.
  • Special Appropriation Fund: Proceeds from the bonds will be deposited into a special fund, which will also cover bond-related expenses, including interest and issuance costs.
  • Debt Service: A designated amount each fiscal year, starting in 2026 through 2056, will be appropriated to pay the principal and interest on these bonds. This amount is subject to legislative appropriation but does not obligate the state to make such appropriations.
  • Legal Investments: The bonds can be legally invested in by various entities, including state investment boards, banks, insurance companies, and other financial institutions.

Significant Changes to Existing Law

  • Creation of New Law: The bill proposes new provisions under Minnesota Statutes chapter 16A, specifically authorizing the issuance and management of appropriation bonds for the state's capital investment in event venues.
  • Financial Framework: Introduces a new financial mechanism involving special fund allocation for managing the repayment and servicing of the event venue bonds.

Relevant Terms

  • Appropriation bonds
  • Capital improvements
  • State treasury
  • Debt service
  • Event venues
  • RiverCentre
  • Roy Wilkins Auditorium
  • Bond proceeds fund

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 31, 2025SenateFloorActionIntroduction and first reading
March 31, 2025SenateFloorActionReferred toCapital Investment

Citations

 
[
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill refers to the procedures for issuing appropriation bonds under section 16A.672.",
      "modified": [
        ""
      ]
    },
    "citation": "16A.672",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill identifies authorized investments for bond proceeds under section 11A.24.",
      "modified": [
        ""
      ]
    },
    "citation": "11A.24",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill references the power of unallotment related to budgetary control under section 16A.152.",
      "modified": [
        ""
      ]
    },
    "citation": "16A.152",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill pertains to the waiver of immunity for appropriation bonds under section 3.751, subdivision 1.",
      "modified": [
        ""
      ]
    },
    "citation": "3.751",
    "subdivision": "subdivision 1"
  }
]

Sponsors