HF 2532

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to capital investment; appropriating money 
  1.3             for flood hazard mitigation in Oakport Township; 
  1.4             authorizing the issuance of state general obligation 
  1.5             bonds. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATION; FLOOD HAZARD MITIGATION, 
  1.8   OAKPORT TOWNSHIP.] 
  1.9      $1,500,000 is appropriated from the bond proceeds fund to 
  1.10  the commissioner of natural resources for the flood hazard 
  1.11  mitigation program under Minnesota Statutes, section 103F.161. 
  1.12  This appropriation is for the Oakport Township project, 
  1.13  including levee construction and acquisition of real property.  
  1.14  To the extent that the cost of the project exceeds two percent 
  1.15  of the median household income in the township multiplied by the 
  1.16  number of households in the township, this appropriation is also 
  1.17  for the local share of the project. 
  1.18     Sec. 2.  [BOND SALE.] 
  1.19     To provide the money appropriated in section 1 from the 
  1.20  bond proceeds fund, the commissioner of finance shall sell and 
  1.21  issue bonds of the state in an amount up to $1,500,000 in the 
  1.22  manner, on the terms, and with the effect prescribed by 
  1.23  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.24  Minnesota Constitution, article XI, sections 4 to 7. 
  1.25     Sec. 3.  [EFFECTIVE DATE.] 
  2.1      Sections 1 and 2 are effective the day following final 
  2.2   enactment.