HF1732

Purpose

• The bill aims to use state bonds to fund a local project: it would provide a grant to the city of St. Joseph to build a community center. It designates $10 million from the bond proceeds fund for this purpose.

Main Provisions

• Subdivision 1 – Appropriation:

  • The sum of $10,000,000 is appropriated from the bond proceeds fund.
  • The money goes to the commissioner of employment and economic development to grant to the city of St. Joseph to construct a community center.

• Subdivision 2 – Bond Sale:

  • To pay for the appropriation, the commissioner of management and budget must sell and issue state bonds up to $10,000,000.
  • The bonds must be issued under the terms and conditions in Minnesota statutes sections 16A.631 to 16A.675 and in the Minnesota Constitution, article XI, sections 4 to 7.

What this means and potential impact

• The state would incur debt and commit resources to fund a local community project.
• The local project would be financed through a grant to the city of St. Joseph, with repayment or debt management governed by state bond laws.

Significant changes to existing law

• Introduces a new appropriation of $10 million from the bond proceeds fund for St. Joseph’s community center.
• Adds authorization to issue and sell up to $10 million in state bonds to finance this appropriation, under specified Minnesota law and constitutional provisions.

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Relevant Terms - bond proceeds fund - appropriation - grant - city of St. Joseph - community center - commissioner of employment and economic development - commissioner of management and budget - sale and issuance of bonds - $10,000,000 - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7