SF 3062

as introduced - 91st Legislature (2019 - 2020) Posted on 02/13/2020 03:20pm

A bill for an act
relating to capital investment; appropriating money to expand the generating
capacity of and repair the Granite Falls hydroelectric generating facility; authorizing
the sale and issuance of state bonds.

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

Section 1. new text begin GRANITE FALLS; HYDROELECTRIC GENERATING FACILITY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $2,750,000 is appropriated from the bond proceeds fund
to the commissioner of commerce for a grant to the city of Granite Falls to design, engineer,
acquire, and install a turbine to expand the electric generating capacity of the city's
hydroelectric generating facility. Up to $400,000 of this amount may be used to repair the
structural damage and erosion caused by flooding to the building housing the turbines. This
appropriation does not require a nonstate contribution to the project.
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 $2,750,000 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