HF 448

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

A bill for an act
relating to capital improvements; authorizing the sale
of state bonds; appropriating money to mitigate
flooding at Lake of the Isles.

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

Section 1. APPROPRIATION.

$3,000,000 is appropriated from the bond proceeds fund to
the commissioner of employment and economic development to make
a grant to the Minneapolis Park and Recreation Board to mitigate
flooding at Lake of the Isles in the city of Minneapolis. Funds
appropriated by this section must be used for shoreline
stabilization and restoration, dredging, wetland replacement,
and other infrastructure improvements necessary to deal with the
1997 flood damage and to prevent future flooding.

Sec. 2. BOND SALE.

To provide the money appropriated by section 1 from the
bond proceeds fund, the commissioner of finance shall sell and
issue bonds of the state in an amount up to $3,000,000 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.

Sec. 3. EFFECTIVE DATE.

Sections 1 and 2 are effective the day following their
final enactment.