HF 595

as introduced - 89th Legislature (2015 - 2016) Posted on 02/05/2015 01:49pm

A bill for an act
relating to capital investment; appropriating money for the Oakport flood hazard
mitigation project; authorizing the sale and issuance of state bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin BUFFALO-RED RIVER WATERSHED DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $5,660,000 is appropriated from the bond proceeds
fund to the commissioner of natural resources for a flood hazard mitigation grant to the
Buffalo-Red River Watershed District for publicly owned capital improvements to prevent
or alleviate flood damage under Minnesota Statutes, section 103F.161. To the extent that
the cost for completion of the Oakport flood hazard mitigation project exceeds two percent
of the median household income in Oakport multiplied by the number of households in
Oakport, this appropriation is also for the local share of the project. The Oakport flood
hazard mitigation project has fully met the two percent of median household income
match requirement and no further local match is required to complete the project.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $5,660,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end