Opinion ID: 1649985
Heading Depth: 1
Heading Rank: 11

Heading: Is the interest the Council and Commission will receive on the proceeds of the sale of bonds available to use in the construction of the stadium and to pay the architect and construction managers' fees? (473.581, Subd. 3(c))

Text: Minnesota Statute 473.581 provides that except where there is a conflict, the bonds are to be sold, issued and secured as provided for by Chapter 475. Minnesota Statute 475.65 provides in part: . . . the proceeds may be invested and reinvested in accordance with the law, and the income and gain therefrom shall be held as part of the proceeds. . . This statute does not appear to be in conflict with M.S. 473.551, et seq. It would thus appear that the interest earned on the proceeds from the bond sale are in fact bond proceeds and are thus available to pay capital costs that do not fall within the $55,000,000 limitation.