Section 1. new text begin PURPOSE; FINDINGS.
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new text begin The legislature finds that construction of a new football stadium by the Board of
Regents of the University of Minnesota on the University's east bank campus in the
city of Minneapolis serves statewide public purposes. The legislature finds that the
public purposes served include, but are not limited to, providing an on-campus outdoor
intercollegiate football stadium as a part of the public amenities for Minnesota's citizens,
enhancing the enjoyment of its citizens, and enhancing the University experience for
students, alumni, faculty, staff, and other supporters of the University. The legislature
finds that the University intends to join together with its students, alumni, faculty, staff,
and other supporters to raise funds to build a stadium to return college football to the
University campus. Further, the legislature finds that construction of a University of
Minnesota football stadium should be supported by the state and that the support should
not detract from or be a substitute for other operating and capital support by the state for
the University; however, state financial support for the stadium should be conditioned
upon the University providing for payment of a significant portion of the stadium's cost
from nonstate general revenue fund sources. The purpose of this act is to provide a firm
40 percent level of funding for a new University football stadium to be constructed and
owned by the Regents of the University of Minnesota.
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Sec. 2. new text begin DEFINITIONS.
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Sec. 3. new text begin ACTIVITIES; CONTRACTS.
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new text begin The legislature recognizes that the board has all powers necessary or convenient for
designing, constructing, equipping, improving, controlling, operating, and maintaining the
stadium and may enter into contracts that are in its judgment in the best interests of the
public for those purposes. Notwithstanding contrary law, the board may adopt the fair
and competitive design and construction procurement procedures in connection with the
stadium that it considers to be in the public interest.
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Sec. 4. new text begin CONDITIONS FOR PAYMENT TO THE UNIVERSITY.
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new text begin Before the commissioner may make the first payment to the board authorized in this
section the commissioner must certify that the board has received at least $141,000,000
in pledges, gifts, sponsorships and other nonstate general fund revenue support for the
construction of the stadium. On July 1 of each year after certification by the commissioner,
but no earlier than July 1, 2007, and for so long thereafter as any bonds issued by the board
for the construction of the stadium are outstanding, the state must transfer to the board
$7,000,000 to reimburse the board for its stadium costs, provided that bonds issued to pay
the state's share of such costs shall not exceed $94,000,000. $7,000,000 is appropriated
annually from the general fund for the purpose of this section. Except to the extent of the
annual appropriation described in this section, the state is not required to pay any part of
the cost of designing or constructing the stadium.
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Sec. 5. new text begin NO FULL FAITH AND CREDIT.
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new text begin Any bonds or other obligations issued by the board under this act are not public debt
of the state, and the full faith and credit and taxing powers of the state are not pledged for
their payment, or of any payments that the state agrees to make under this act.
new text end