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S.F. No. 2062, as introduced - 84th Legislative Session (2005 -2006) Page 6 of 9
<br />9.28 city, county, or other subdivision of the state for the purpose
<br />9.29 of any net debt limitation. No election shall be required.
<br />9.30 Subd. 3. [LIMITATIONS.] The principal amount of the bonds
<br />9.31 issued under subdivision 1, clauses (1) and (2), shall not
<br />9.32 exceed the amounts authorized in this subdivision. The
<br />9.33 principal amount of bonds issued under subdivision 1, clauses
<br />9.34 (1) and (2), shall be limited to $650,000,000 plus those amounts
<br />9.35 necessary to fund appropriate reserves and pay issuance costs.
<br />9.36 The authority shall issue its bonds and construction of the
<br />10.1 stadium may commence when the authority has made the following
<br />10.2 determinations:
<br />10.3 (1) the authority has executed a long -term use agreement
<br />10.4 with the Minnesota Vikings, meeting the requirements of section
<br />10.5 473J.07;
<br />10.6 (2) the authority has executed a development and financing
<br />10.7 agreement with Anoka County, the city of Blaine, and the
<br />10.8 Minnesota Vikings meeting the requirements of section 473J.08;
<br />10.9 (3) the proceeds of bonds authorized and provided for in
<br />10.10 this subdivision will be sufficient, together with other capital
<br />10.11 funds that may be available to the authority for expenditure on
<br />10.12 the sports facilities, including, except as otherwise provided
<br />10.13 in this subdivision, the acquisition, clearance, relocation, and
<br />10.14 legal costs referred to in clauses (4) and (5);
<br />10.15 (4) the authority has acquired title to or an interest in
<br />10.16 all real property, including all easements, air rights, and
<br />10.17 other appurtenances needed for the construction and operation of
<br />10.18 the sports facility or has received a grant of funds or has
<br />10.19 entered into agreements sufficient in the judgment of the
<br />10.20 authority to assure the receipt of funds, at the time and in the
<br />10.21 amount required, to make any payment upon which the authority's
<br />10.22 acquisition of title or interest in and possession of the real
<br />10.23 property is conditioned;
<br />10.24 (5) the authority has received a grant of funds or entered
<br />10.25 into agreements sufficient in the judgment of the authority to
<br />10.26 assure the receipt of funds, at the time and in the amount
<br />10.27 required, to pay all costs, except as provided in this
<br />10.28 subdivision, of clearing the real property needed for the
<br />10.29 construction and operation of the sports facilities, railroad
<br />10.30 tracks, and other structures, including, without limitation, all
<br />10.31 relocation costs, all utility relocation costs, and all legal
<br />10.32 costs;
<br />10.33 (6) the authority has executed agreements to prevent
<br />10.34 strikes that would halt, delay, or impede construction of the
<br />10.35 sports facilities;
<br />10.36 (7) the authority has executed agreements that will provide
<br />11.1 for the construction of the sports facilities for a certified or
<br />11.2 guaranteed construction price and completion date and which
<br />11.3 include performance bonds in an amount at least equal to 100
<br />11.4 percent of the certified or guaranteed price to cover any costs
<br />11.5 that may be incurred over and above the certified price,
<br />11.6 including, but not limited to, costs incurred by the authority
<br />11.7 or loss of revenues resulting from incomplete construction on
<br />11.8 the completion date;
<br />11.9 (8) the anticipated revenue from the operation of the
<br />11.10 sports facilities plus any additional available revenue of the
<br />11.11 authority will be an amount sufficient to pay when due all debt
<br />11.12 service on the bonds plus all administration, operating, and
<br />11.13 maintenance expense of the sports facilities;
<br />11.14 (9) the authority has determined that all public and
<br />11.15 private funding sources for construction and operation of the
<br />11.16 sports facilities are officially committed in writing and
<br />11.17 enforceable. The committed funds must be adequate to site,
<br />11.18 design, construct, furnish, equip, and service the sports
<br />11.19 facilities debt, as well as to pay for the ongoing operation and
<br />http: / /www. revisor. leg.state.mn.us/bin/bldbill.php ?bill= S2062.0 &session =1s84 12/6/2005
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