as introduced - 87th Legislature (2011 - 2012) Posted on 02/13/2012 11:49am
A bill for an act
relating to capital investment; appropriating money for construction of water
facilities; authorizing the sale and issuance of state bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$3,400,000 is appropriated from the bond proceeds
fund to the Public Facilities Authority for a grant to the Spirit Mountain Recreation
Authority to acquire easements, licenses, and other interests in real property and to
engineer, design, permit, and construct works and systems to transport water from the St.
Louis River estuary for commercial and industrial use. This appropriation is available
when the Public Facilities Authority has determined that at least $1,100,000 has been
committed to the project from nonstate sources. Expenditures made on or after September
1, 2011, for this project shall count towards the match of nonstate sources.
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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 $3,400,000 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.
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This section is effective the day following final enactment.
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