HF4766

Purpose

• The bill would provide funding for a local infrastructure project by appropriating money and arranging state bonding. Specifically, it aims to support rehabilitation work on the city of Spring Park’s water tower and to authorize selling state bonds to pay for that work.

Main Provisions

• Subd.1 Appropriation: The bill appropriates 1,000,000 from the bond proceeds fund to the Public Facilities Authority (PFA) to grant to the city of Spring Park for the rehabilitation of the city's water tower.
• Subd.2 Bond Sale: To provide the money, the commissioner of management and budget must sell and issue state bonds up to 1,000,000. The sale and terms follow Minnesota law (statutes 16A.631 to 16A.675) and the Minnesota Constitution (article XI, sections 4 to 7).

What It Seeks to Accomplish

• Enables local water infrastructure improvements in Spring Park by funding a grant through the Public Facilities Authority.
• Uses state bonding as the mechanism to finance the appropriation, rather than raising the money from other sources.

Relationship to Existing Law

• The financing uses the bond proceeds fund and follows established bonding and appropriation processes under Minnesota statutes and the state constitution.
• It designates a specific state agency (Public Facilities Authority) to administer the grant to the city.

Significant Changes to Law (if any)

• Creates a new appropriation and bond authorization specifically for the Spring Park water tower rehabilitation, directing state funds to a local project through a grant mechanism.

Key Terms and Entities Mentioned

• bond proceeds fund
• appropriation
• Public Facilities Authority
• grant
• city of Spring Park
• rehabilitation
• water tower
• sale and issuance of bonds
• state bonds
• Minnesota Statutes sections 16A.631 to 16A.675
• Minnesota Constitution article XI sections 4 to 7

Relevant Terms - bond proceeds fund - appropriation - Public Facilities Authority - grant - Spring Park - water tower rehabilitation - sale and issuance of bonds - state bonds - Minnesota Statutes 16A.631-16A.675 - Minnesota Constitution article XI (sections 4-7) - capital investment