SF 1802

as introduced - 87th Legislature (2011 - 2012) Posted on 06/15/2012 10:14am

A bill for an act
relating to capital investment; appropriating money for the extension of the
floodwall in the city of South St. Paul; authorizing the sale and issuance of
state bonds.

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

Section 1. new text begin SOUTH ST. PAUL FLOODWALL EXTENSION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $3,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the city
of South St. Paul for the design and construction of the floodwall extension on the west
shore of the Mississippi River from the area of Interstate Highway 494 to the southern
border of South St. Paul. This appropriation is not available until the commissioner
determines that at least an equal amount is committed to the project from nonstate sources.
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 $3,000,000 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