Purpose

This bill would provide funding to support a new community center in the city of St. Joseph by using state bond proceeds.

Main provisions

• Appropriation: The bill would appropriate 10,000,000 from the bond proceeds fund to the Commissioner of Employment and Economic Development (DEED) to grant to the city of St. Joseph for the construction of a community center.
• Bond sale: The Commissioner of Management and Budget would sell and issue state bonds up to 10,000,000 to finance the appropriation, following state law and the state constitution.

Funding and bond details

• Source of funds: The money comes from the bond proceeds fund.
• Bond terms and process: Bond issuance would occur in the manner prescribed by Minnesota Statutes sections 16A.631 to 16A.675 and by the Minnesota Constitution article XI, sections 4 to 7.
• Administration of funds: DEED would administer the grant to the city of St. Joseph for constructing the community center.

Oversight and potential impact

• Legal authority: The bill relies on existing state debt and bonding provisions to authorize and govern the bond sale and use of proceeds.
• Purpose of funds: The funds are specifically tied to constructing a community center in St. Joseph, with the grant awarded to the city for that project.

What this bill would change in law

• It would authorize a new appropriation funded by state bonds and establish the process for issuing up to 10 million dollars in bonds to finance that appropriation, using existing debt statutes and constitutional guidelines.

Relevant Terms bond proceeds fund appropriation grant city of St. Joseph community center bond sale state bonds Commissioner of Employment and Economic Development (DEED) Commissioner of Management and Budget (MMB) Minnesota Statutes 16A.631 to 16A.675 Minnesota Constitution Article XI, sections 4 to 7 capital investment debt issuance