Bill > SF3113

This bill authorizes the state of Minnesota to issue up to $394,610,000 in appropriation bonds specifically for capital improvements to three event venues located in downtown St. Paul: the RiverCentre arena, RiverCentre complex, and Roy Wilkins Auditorium. The bond proceeds can be used for design, construction, renovation, furnishing, and equipping of venue improvements, which include renovating interior and exterior spaces, making safety and accessibility upgrades, improving loading and storage areas, upgrading mechanical systems, renovating performer spaces, enhancing visitor amenities, and installing new electronic and acoustic systems. These are not traditional general obligation bonds, as they do not pledge the state's full faith and credit, and the legislature is not legally required to appropriate funds for debt service each year. The bonds will be payable from potential future legislative appropriations, with proceeds to be distributed to the city of St. Paul for venue improvements and to cover bond-related expenses. The bonds can be issued in one or more series, with terms not exceeding 30 years, and the funding is available from fiscal year 2026 through 2056. The bill provides detailed provisions for how the bonds can be structured, sold, and managed, including allowing for various financial arrangements and agreements related to the bond issuance.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3113&ssn=0&y=2025