HF 2919

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital investment; appropriating money for flood hazard mitigation in
Oakport Township; authorizing the issuance of state general obligation bonds.

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

Section 1. new text begin APPROPRIATION; FLOOD HAZARD MITIGATION, OAKPORT
TOWNSHIP.
new text end

new text begin $12,470,700 is appropriated from the bond proceeds fund to the commissioner of
natural resources for the flood hazard mitigation program under Minnesota Statutes,
section 103F.161. This appropriation is for the Oakport Township project, including
levee construction and acquisition of real property. To the extent that the cost of the
project exceeds two percent of the median household income in the township multiplied
by the number of households in the township, this appropriation is also for the local
share of the project.
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
$12,470,700 in the manner, on 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