HF 2854

as introduced - 91st Legislature (2019 - 2020) Posted on 04/25/2019 09:12am

A bill for an act
relating to capital investment; appropriating money for the expansion of the Hormel
Institute facility in the city of Austin; authorizing the sale and issuance of state
bonds.

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

Section 1. new text begin HORMEL INSTITUTE EXPANSION; AUSTIN.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $7,500,000 is appropriated from the bond proceeds fund
to the commissioner of employment and economic development for a grant to the Austin
Port Authority to predesign, design, construct, furnish, and equip an expansion of the Hormel
Institute facility in the city of Austin, subject to Minnesota Statutes, section 16A.695. This
appropriation is not available until the commissioner of management and budget determines
that at least $7,500,000 is committed from nonstate sources to complete 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 $7,500,000 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

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end