HF 1005

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/17/2021 01:35pm

A bill for an act
relating to capital investment; appropriating money for the port development
assistance program; authorizing the sale and issuance of state bonds.

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

Section 1. PORT DEVELOPMENT ASSISTANCE.

Subdivision 1.

Appropriation.

$28,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for purposes of the port development assistance
program under Minnesota Statutes, chapter 457A. Any improvements made with the proceeds
of these grants must be publicly owned.

Subd. 2.

Bond sale.

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 $28,000,000 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.

EFFECTIVE DATE.

This section is effective the day following final enactment.