The
may issue bonds under M.S. Chapter 475, to finance all or a portion of the costs of the
. The aggregate principal amount of bonds may not exceed: (1) $35,000,000 for new construction and rehabilitation of the Bloomington Ice Garden and associated infrastructure, plus an amount to be applied to the payment of the costs of issuing the bonds; and (2) $100,000,000 for construction of a new Community Health and Wellness Center and associated infrastructure, plus an amount to be applied to the payment of the costs of issuing the bonds; and (3) $20,000,000 for new construction and restoration of the Nine Mile Creek Corridor Renewal and associated infrastructure, plus an amount to be applied to the payment of the costs of issuing the bonds. The bonds may be paid from or secured by any funds available to the
, including the sales and use tax issued by this ordinance. The issuance of bonds is not subject to M.S. §§ 275.60 and 275.61. The bonds are not included in computing any debt limitation applicable to the
, and any levy of taxes under M.S. § 475.61, to pay principal and interest on the bonds is not subject to any levy limitation. A separate election to approve the bonds under M.S. § 475.58 is not required.
(Ord. 2023-29, passed 12-4-2023)