SF4605

Purpose

• Authorizes capital investment funding to support asset preservation at the National Sports Center located in Blaine, Minnesota. The bill directs money to be used for preserving and maintaining existing facilities rather than new construction or expansion.

Main Provisions

• Appropriation: The bond proceeds fund is appropriated to the Minnesota Amateur Sports Commission in the amount of $23,740,000 for asset preservation at the National Sports Center in Blaine.
• Bond Issuance: The Commissioner of Management and Budget is instructed to sell and issue state bonds up to $23,740,000 using the procedures and requirements set forth in Minnesota law (specifically Minnesota Statutes sections 16A.631 to 16A.675) and in the Minnesota Constitution (Article XI, sections 4 to 7).

Funding and Legal Framework

• Funding Source: Bond proceeds fund provides the money for the appropriation.
• Legal Authority: Bond sale and issuance must follow the referenced state statutes and constitutional provisions, ensuring the debt and repayment terms are properly authorized and governed.

Significance and Potential Impacts

• This bill shifts funds into a dedicated capital investment project focused on preserving existing assets at a major sports facility, rather than new construction. It creates a clear mechanism to borrow and allocate $23.74 million for asset preservation work at the National Sports Center, leveraging state debt authority to fund the maintenance needs.

Relevant Terms

• asset preservation
• National Sports Center
• Blaine
• Minnesota Amateur Sports Commission
• bond proceeds fund
• bond sale / bonds
• Commissioner of Management and Budget
• Minnesota Statutes 16A.631 to 16A.675
• Minnesota Constitution Article XI, sections 4-7