HF 4585

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/24/2022 01:59pm

A bill for an act
relating to capital investment; appropriating money for the development and
construction of veterans affordable housing in the city of Richfield; authorizing
the sale and issuance of general obligation bonds.

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

Section 1. new text begin VETERANS HOUSING DEVELOPMENT AND CONSTRUCTION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $3,500,000 is appropriated from the bond proceeds fund
to the commissioner of employment and economic development for a grant to the city of
Richfield for the development and construction of Veterans Village, a 183-unit, veterans'
priority, multifamily housing project providing affordable housing opportunities on the site
of American Legion Post 435 in the city of Richfield.
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 subdivision 1 from the state
general obligation bond proceeds account, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $3,500,000 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. The proceeds of the bonds,
except accrued interest and any premiums received from the sale of the bonds, shall be
appropriated to the city of Richfield for the purposes set forth in subdivision 1.
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