HF2450

Purpose of the Bill

The purpose of this bill is to allocate funds for the Small Cities Assistance Program in Minnesota, specifically to aid in capital investment projects within small cities.

Main Provisions

• Appropriation of Funds: The bill proposes an allocation of $25,000,000 for the Small Cities Assistance Program. This money will come from the bond proceeds fund and will be managed by the commissioner of transportation according to the guidelines stipulated in Minnesota Statutes section 162.145.

• Bond Sale Authorization: To provide the funds appropriated for the program, the bill authorizes the sale and issuance of state bonds up to the amount of $25,000,000. The commissioner of management and budget is tasked with selling these bonds following Minnesota Statutes sections 16A.631 to 16A.675 and the state constitution.

Significant Changes

• The bill doesn't create a new program but funds an existing one, the Small Cities Assistance Program, which typically supports infrastructure and capital projects in smaller municipalities.

Relevant Terms

small cities assistance program, capital investment, bond proceeds fund, state bonds, appropriation.