SF 2480

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; authorizing spending to acquire and better
public land and buildings and other public improvements of a capital nature;
authorizing the issuance of general obligation bonds; appropriating money for
city of Delano flood hazard mitigation.

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

Section 1. new text begin APPROPRIATION; DELANO FLOOD HAZARD MITIGATION.
new text end

new text begin $1,200,000 is appropriated from the bond proceeds fund to the commissioner of
natural resources for the flood hazard mitigation program for a grant to the city of Delano
to acquire property and remove structures in the flood plain. Notwithstanding Minnesota
Statutes, section 103F.161, subdivision 2, the grant to the city is for approximately 75
percent of the project costs and this appropriation is not available until the commissioner
of finance has determined that at least $400,000 is committed to the project from nonstate
sources.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated by section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$1,200,000 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

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end