SF 751

as introduced - 88th Legislature (2013 - 2014) Posted on 02/26/2013 08:51am

A bill for an act
relating to capital investment; appropriating money for a flood hazard mitigation
grant to the Buffalo-Red River Watershed District; authorizing the sale and
issuance of state bonds.

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

Section 1. new text begin BUFFALO-RED RIVER WATERSHED DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $5,620,000 is appropriated from the bond proceeds
fund to the commissioner of natural resources for a flood hazard mitigation grant to the
Buffalo-Red River Watershed District for publicly owned capital improvements to prevent
or alleviate flood damage under Minnesota Statutes, section 103F.161.
new text end

new text begin To the extent that the cost for completion of the Oakport Township flood hazard
mitigation project exceeds two percent of the median household income in Oakport
Township multiplied by the number of households in Oakport Township, 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 $5,620,000 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