1.1.................... moves to amend H.F. No. 2323, the delete everything amendment
1.2(A09-0462), as follows:
1.3Page 179, after line 8, insert:

1.4    "Sec. 36. Laws 1986, chapter 396, section 4, subdivision 3, is amended to read:
1.5    Subd. 3. Use of property. Revenues received from the tax may only be used:
1.6    (1) to pay costs of collection;
1.7    (2) to pay or secure the payment of any principal of, premium or interest on bonds
1.8issued in accordance with this act;
1.9    (3) to pay costs to acquire, design, equip, construct, improve, maintain, operate,
1.10administer, or promote the convention center or related facilities, including financing
1.11costs related to them;
1.12    (4) to pay reasonable and appropriate costs determined by the city to replace housing
1.13removed from the site; and
1.14    (5) to maintain reserves for the foregoing purposes deemed reasonable and
1.15appropriate by the city.; and
1.16(6) to fund projects under subdivision 4.
1.17In the event of any amendment to chapter 297A enacted subsequent to the effective date
1.18of this act which exempts sales or uses which were taxable under chapter 297A on the
1.19effective date of this act, the city may by ordinance extend the tax authorized hereby to
1.20any such sales or uses provided that the city council shall have determined that such
1.21extension is necessary to provide revenues for the uses to which taxes may be applied
1.22under this section and further provided that, in the estimation of the city council, the
1.23aggregate annual collections following such extension will not exceed the aggregate
1.24annual collections which would have been generated if chapter 297A, as in effect on the
1.25effective date of this act, were then in effect. Any revenue bonds issued in accordance
1.26with this act may, with the consent of the city council, contain a covenant that the tax will
1.27be so extended to the extent necessary to pay principal and interest on the bonds when due.
2.1    Money for replacement housing shall be made available by the city only for new
2.2construction, conversion of nonresidential buildings, and for rehabilitation of vacant
2.3residential structures, only if all of the units in the newly constructed building, converted
2.4nonresidential building, or rehabilitated residential structure are to be used for replacement
2.5housing.
2.6EFFECTIVE DATE.This section is effective the day following final enactment.

2.7    Sec. 37. Laws 1986, chapter 396, section 4, is amended by adding a subdivision to read:
2.8    Subd. 4. Minneapolis downtown and neighborhood projects. To the extent that
2.9revenues from the tax authorized in subdivision 1, exceeds the amount needed to fund the
2.10purposes in subdivision 3, the city may use the excess revenue in any year to fund capital
2.11projects to further residential, cultural, commercial, and economic development in both
2.12downtown Minneapolis and the Minneapolis neighborhoods.
2.13EFFECTIVE DATE.This section is effective upon compliance of the governing
2.14body of the city of Minneapolis with Minnesota statutes, section 645.021, subdivisions
2.152 and 3."
2.16Renumber the sections in sequence and correct the internal references
2.17Amend the title accordingly