SF 3343

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the cities of East Grand Forks and 
  1.3             Breckenridge; appropriating money for a loan to the 
  1.4             cities for construction of levees; authorizing a means 
  1.5             of repayment of the loan. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATION.] 
  1.8      $....... is appropriated from the general fund to the 
  1.9   commissioner of natural resources to be distributed, $27,000,000 
  1.10  to the city of East Grand Forks, and $....... to the city of 
  1.11  Breckenridge, to meet the local cost of constructing levees to 
  1.12  prevent flooding of the cities.  The amount distributed to each 
  1.13  city shall constitute a loan from the state to the city, which 
  1.14  shall bear no interest if repaid according to the terms of this 
  1.15  section.  The principal of the loans must be repaid in 20 equal 
  1.16  annual installments, by September 1 each year beginning in 
  1.17  1999.  By June 30, 1999, and each year thereafter through 2019, 
  1.18  the commissioner of revenue shall determine the amount of sales 
  1.19  tax revenues under Minnesota Statutes, chapter 297A, that were 
  1.20  derived from sales occurring within each of the cities of East 
  1.21  Grand Forks and Breckenridge during the previous calendar year.  
  1.22  The amount determined for each city shall be deducted from the 
  1.23  loan repayment otherwise required to be paid by that city in 
  1.24  that year.