Purpose of the Bill

This bill aims to appropriate funds for capital improvements at event venues in downtown St. Paul, Minnesota. It includes provisions for financing these improvements through the issuance of state appropriation bonds.

Main Provisions

• Issuance of Appropriation Bonds: The bill authorizes the Minnesota state commissioner to issue appropriation bonds up to $394,610,000. These bonds will finance the design, construction, renovation, furnishing, and equipping of event venue improvements.

• Event Venue Improvements: Improvements include the renovation and reconfiguration of event spaces, safety and accessibility upgrades, HVAC and mechanical system replacements, and enhancements to performer support areas. Visitor facilities like restrooms and seating will also be upgraded, along with electronic signage and acoustic systems.

• Bond and Fund Management: A special appropriation event venues bond proceeds fund will be established in the state's treasury. The bond proceeds, along with investment earnings, will pay for the venue improvements and cover debt service on the bonds.

• Terms and Conditions: The bonds can be issued in one or multiple series over terms not to exceed 30 years. They may have fixed or variable interest rates and can be sold through public or private sales as deemed appropriate by the commissioner.

• Appropriation and Payment: Revenue generated from the bonds, as well as any appropriated funds, will be used for grants to the city of St. Paul and for debt servicing. The bonds do not oblige the state to raise taxes or use its full faith and credit to ensure payment.

Significant Changes

• The initiative introduces the concept of financing public event venue improvements using state appropriation bonds, which were not previously backed by the state's full faith and credit.
• It establishes a new statutory section under Minnesota Statutes chapter 16A, dedicated to the handling of appropriation bonds for event venue improvements.

Relevant Terms

• Appropriation bonds
• Event venue capital improvements
• RiverCentre arena
• Roy Wilkins Auditorium
• Debt service
• Capital investment