HF2542

Purpose of the Bill

The purpose of this bill is to secure funding and authorization for the sale and issuance of state bonds to support the development of public infrastructure in the Bridgewater Affordable Housing Community in Rice County, Minnesota.

Main Provisions

• Appropriation of Funds: The bill proposes an appropriation of $4,500,000 from the bond proceeds fund. This funding is intended to be a grant to the town of Bridgewater.
• Infrastructure Development: The funds will be used to construct necessary public infrastructure for the Bridgewater Affordable Housing Community. This includes the development of a well, a wastewater treatment system, and roads.

Bond Sale Authorization

• Issuance of Bonds: To raise the proposed $4,500,000, the bill authorizes the commissioner of management and budget to sell and issue state bonds. This process is to follow specific state statutes and constitutional provisions.

Significant Changes

• The bill introduces financial support specifically directed at improving public infrastructure for affordable housing, marking a targeted effort to develop the Bridgewater area with necessary facilities.

Relevant Terms

• capital investment, public infrastructure, affordable housing, state bonds, Rice County, wastewater treatment system, roads, bond proceeds fund, Bridgewater Housing Community