SF2319

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.