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HF 2917

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/20/2023 04:54pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/14/2023

Current Version - as introduced

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A bill for an act
relating to capital investment; appropriating money for school facility renovation
projects; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin SCHOOL FACILITY RENOVATION REFERENDUM INSUFFICIENCY
GRANTS.
new text end

new text begin Subdivision 1. new text end

new text begin Grant program. new text end

new text begin The commissioner of education may make grants to
school districts to provide money to cover a deficiency in funding for school renovation
projects that were the subject of a referendum passed between January 1, 2021, and March
1, 2022.
new text end

new text begin Subd. 2. new text end

new text begin Eligible applicants, projects, expenses, and amount. new text end

new text begin A school district may
apply to receive a grant to cover qualifying capital expenses to be incurred for a capital
project for which a referendum was passed between January 1, 2021, and March 1, 2022,
to fund the project. The eligible amount of the grant is the difference between the amount
allowed under the referendum and the amount required for the project as determined by
bids obtained after the referendum was placed on the ballot and prior to the submission of
the application for a grant under this section. Qualifying capital expenses are expenses
eligible for payment from the proceeds of general obligation bonds.
new text end

new text begin Subd. 3. new text end

new text begin Application. new text end

new text begin The commissioner of education must establish a process for
notifying school districts of the availability of this funding, and an application and application
process for school districts to request funding. An applicant must provide documentation
supporting their eligibility for funding under this section, including the enacted referendum
and bids obtained for the project after the measure was submitted for the referendum. A
school district must apply for funding under this program by a date set by the commissioner
of education, not later than September 1, 2023.
new text end

new text begin Subd. 4. new text end

new text begin Pro rata. new text end

new text begin If the amount requested by eligible applicants for eligible expenses
exceeds the amount of money appropriated in 2023 for this purpose, the commissioner shall
award grants in pro rata shares.
new text end

new text begin Subd. 5. new text end

new text begin Appropriation. new text end

new text begin $125,000,000 is appropriated from the bond proceeds fund to
the commissioner of education for grants under this section.
new text end

new text begin Subd. 6. 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 $125,000,000 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