HF 2403

as introduced - 87th Legislature (2011 - 2012) Posted on 02/20/2012 01:14pm

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

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

Section 1. new text begin FLOOD HAZARD MITIGATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $9,175,000 is appropriated from the bond
proceeds fund to the commissioner of natural resources for the state share of flood hazard
mitigation grants for publicly owned capital improvements to prevent or alleviate flood
damage under Minnesota Statutes, section 103F.161. Of this appropriation, $7,000,000
is for the Redpath project, Bois de Sioux Watershed District, and $2,175,000 is for the
North Ottawa project, Bois de Sioux Watershed District.
new text end

new text begin (b) To the extent that the cost of the project 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 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 $9,175,000 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