SF 3182

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to capital improvements; providing for a 
  1.3             grant to the city of Hastings for capital improvements 
  1.4             on the city's hydro-electric plant; authorizing 
  1.5             issuance of bonds; appropriating money. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATION.] 
  1.8      $2,600,000 is appropriated from the bond proceeds fund to 
  1.9   the commissioner of trade and economic development for a grant 
  1.10  to the city of Hastings to pay or reimburse costs not covered by 
  1.11  federal disaster programs under the Presidential Declaration of 
  1.12  Major Disaster number 1370 for capital improvements on the 
  1.13  hydro-electric plant necessitated by that disaster and to pay 
  1.14  principal costs on the city of Hastings' general obligation 
  1.15  bonds issued to finance the hydro-electric plant. 
  1.16     Sec. 2.  [BOND SALE.] 
  1.17     To provide the money appropriated in section 1 from the 
  1.18  bond proceeds fund, the commissioner of finance shall sell and 
  1.19  issue bonds of the state in an amount up to $2,600,000 in the 
  1.20  manner, on the terms, and with the effect prescribed by 
  1.21  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.22  Minnesota Constitution, article XI, sections 4 to 7. 
  1.23     Sec. 3.  [EFFECTIVE DATE.] 
  1.24     Sections 1 and 2 are effective the day following final 
  1.25  enactment.