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Public finance bill proffered

Published (4/10/2009)
By Sonja Hegman
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Counties might be able to use bond proceeds to fund public works facilities and fairground buildings.

The annual public finance bill, HF1298, sponsored by Rep. Ann Lenczewski (DFL-Bloomington), includes that and other things brought forward by practitioners in public finance.

It was laid over by the House Taxes Committee April 7 for possible omnibus bill inclusion, but Lenczewski, chairwoman of the committee, said the bill might be sent on its own through the process. A companion, SF1257, sponsored by Sen. Tom Bakk (DFL-Cook), awaits action by the Senate Taxes Committee.

Stephen Rosholt, a bond attorney with Faegre & Benson LLP, presented the bill on behalf of the Minnesota Institute of Public Finance, Inc. He said the bill would make a number of modifications relating to issuing bonds and financing for public improvements, special service districts and restrictions on mail elections.

For example, it would expand the definition of capital equipment and improvements for purposes of issuing debt obligations, modify the treatment of residential property in a special service district and remove the limit on the number of questions that may be submitted at a mail election.

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