HF 1735

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:54am

A bill for an act
relating to capital improvements; appropriating money for flood hazard
mitigation in the Buffalo-Red River Watershed District; authorizing the sale
and issuance of state bonds.

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

Section 1. new text begin APPROPRIATION; OAKPORT.
new text end

new text begin $12,500,000 is appropriated from the bond proceeds fund to the commissioner of
natural resources for the state share of 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, for the project in Oakport. To
the extent the cost of the project in Oakport exceeds two percent of the median household
income in the municipality multiplied by the number of households in the municipality,
this appropriation is also for the local share of the project.
new text end

new text begin new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated in section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$12,500,000 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

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end