.................... moves to amend H.F. No. 3678 as follows:
Page 1, delete section 1 and insert:
"Section 1. Minnesota Statutes 2008, section 462A.21, is amended by adding a
subdivision to read:
1.5 Subd. 33. Challenge program bond account. The agency may establish a
1.6challenge program bond account as a separate account within the housing development
1.7fund. Proceeds of challenge program bonds under section 462A.40 may be credited to the
1.8account. Money in the account is appropriated to the agency for the purposes for which
1.9the bonds are authorized under section 462A.40. The agency may transfer the proceeds
1.10of challenge program housing bonds to another account within the housing development
1.11fund that it determines appropriate to accomplish the purposes for which the bonds are
1.12authorized under section 462A.40.
1.13EFFECTIVE DATE.This section is effective the day following final enactment.
Page 2, delete subdivision 4 and insert:
"Subd. 4. Appropriation; payment to agency or trustee. (a) The agency must
1.16certify annually, to the commissioner of management and budget, the actual amount of
1.17annual debt service on each series of bonds issued under subdivision 2.
1.18(b) On the effective date of this act, and on each July 15, beginning in 2010 and
1.19through 2032, if any challenge program bonds issued under subdivision 2 remain
1.20outstanding, the commissioner of management and budget shall transfer to the challenge
1.21program bond account established under section 462A.21, subdivision 33, the amount
1.22certified under paragraph (a), not to exceed $2,400,000 annually. The amount necessary to
1.23make the transfer is appropriated to the commissioner of management and budget from
1.24an account created in the housing development fund under section 462A.20, subdivision
1.253, for the purposes of the economic development and housing challenge program under
2.1(c) Annually by August 1, the agency shall submit a statement to the chairs and
2.2ranking minority members of the house of representatives and senate committees with
2.3jurisdiction over housing policy and finance, that identifies the amount of debt service
2.4as certified under paragraph (a). The statement may be submitted electronically, and is
2.5subject to section 3.195, subdivision 1.