HF 734

as introduced - 87th Legislature (2011 - 2012) Posted on 02/28/2011 09:55am

A bill for an act
relating to capital investment; appropriating money to implement a flood damage
reduction project of a capital nature with certain conditions in the Moorhead
area; 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 DAMAGE REDUCTION PROJECTS; FLOOD HAZARD
MITIGATION GRANTS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation; Moorhead. new text end

new text begin $17,000,000 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, and enhance natural resources
consistent with the Red River Basin Flood Damage Reduction Mediation Agreement. Of
this appropriation:
new text end

new text begin (1) $12,000,000 is for interim flood mitigation infrastructure and property acquisition
in Moorhead; and
new text end

new text begin (2) $5,000,000 is for the Fargo-Moorhead metropolitan diversion project proposed
by the United States Army Corps of Engineers.
new text end

new text begin (b) For the purposes of determining any local match required, the project is
defined to include all local flood-related activities subsequent to April 2009 and projects
resulting from the United States Army Corps of Engineers Fargo-Moorhead Metropolitan
Feasibility Study.
new text end

new text begin (c) 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 $17,000,000 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