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SF 588

as introduced - 90th Legislature (2017 - 2018) Posted on 08/24/2018 07:43am

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

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Current Version - as introduced

A bill for an act
relating to capital improvements; appropriating money for flood hazard mitigation
in Area II of the Minnesota River Basin; authorizing the sale and issuance of state
bonds.

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

Section 1. MINNESOTA RIVER BASIN.

Subdivision 1.

Appropriation.

$1,000,000 is appropriated from the bond proceeds fund
to the Board of Water and Soil Resources for a grant to Minnesota River Basin Projects for
the state's share of a flood hazard mitigation grant for publicly owned capital improvements
to prevent or alleviate flood damage in Area II of the Minnesota River Basin. This
appropriation is not available until the board determines that $1 has been committed from
nonstate sources for every $3 of state grant.

Subd. 2.

Bond sale.

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 $1,000,000 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.

EFFECTIVE DATE.

This section is effective the day following final enactment.

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