SF 2114

as introduced - 88th Legislature (2013 - 2014) Posted on 03/04/2014 08:36am

A bill for an act
relating to capital investment; appropriating money for city of Litchfield's phase 2
power generation improvements; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin LITCHFIELD POWER GENERATION IMPROVEMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $5,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the
city of Litchfield to design and construct electrical generation improvements in the city
of Litchfield to expand the current standby capacity, including replacement of two old
generators. This appropriation is not available until the commissioner of management
and budget 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 $5,000,000 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