SF 179

as introduced - 89th Legislature (2015 - 2016) Posted on 01/22/2015 08:28am

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

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

Section 1. new text begin AREA II MINNESOTA RIVER BASIN.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $425,000 is appropriated from the bond proceeds
fund to the Board of Water and Soil Resources for a grant to Area II River Basin
Projects, Inc., established pursuant to Minnesota Statutes, sections 103F.171 to 103F.187,
to acquire, design, and construct floodwater retention systems for the Lake Yankton
Floodwater Retention Study within the Des Moines River Watershed. A grant for a project
is not available until the board determines that at least $1 has been committed to the
project from nonstate sources for every $3 of state grant.
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 $425,000 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