SF 2540

as introduced - 92nd Legislature (2021 - 2022) Posted on 07/20/2021 04:19pm

A bill for an act
relating to capital investment; appropriating money for completion of the repair
of the Lanesboro dam; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin LANESBORO DAM REPAIR.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $300,000 is appropriated from the bond proceeds fund
to the commissioner of natural resources for a grant to the city of Lanesboro to complete
the construction, furnishing, and equipping of the renovation of the Lanesboro dam. This
includes repairs of the hydropower system. This appropriation is in addition to the
appropriation in Laws 2017, First Special Session chapter 8, article 1, section 3, subdivision
4. This appropriation is available when the commissioner of management and budget
determines that sufficient resources have been committed to complete the project, as required
by Minnesota Statutes, section 16A.502.
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 $300,000 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