HF292

1. Purpose
2. The bill provides funding to resurface local roads in the City of Tamarack.

3. It also authorizes the sale and issuance of state bonds to pay for this local road project.

4. Main Provisions

5. Subdivision 1 — Appropriation: An amount of 650,000 is appropriated from the bond proceeds account in the state transportation fund. This money is set aside to be granted to the City of Tamarack for resurfacing local roads.

6. Subdivision 2 — Bond Sale: To fund the appropriation, the bill authorizes the sale and issuance of state bonds up to 650,000. The bond process must follow the terms and effects of Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, Article XI, sections 4 to 7.

7. Funding and Bonding Details

8. Source of funds: bond proceeds account within the state transportation fund.

9. Amount: up to 650,000 for the grant to Tamarack for local road resurfacing.

10. Payment mechanism: bonds will be sold and issued by the state, financed through the specified bonding framework.

11. Implementation and Legal Framework

12. The bond issuance must follow the established Minnesota law governing debt (Minnesota Statutes sections 16A.631 to 16A.675) and the state constitution provisions cited (Article XI, sections 4 to 7).

13. The grant to Tamarack is administered through the relevant transportation and budget authorities (commissioner of transportation for the grant; commissioner of management and budget for the bond sale).

14. Significance and Scope

15. This bill represents a targeted investment in local infrastructure (resurfacing local roads) for Tamarack.

16. It uses a debt-financed approach (bond sale) rather than a direct cash appropriation, aligning with existing state financing practices for capital projects.

Relevant Terms - appropriation - bond proceeds account - state transportation fund - grant - City of Tamarack - resurfacing - local roads - bond sale - sale and issuance of bonds - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7 - commissioner of transportation - commissioner of management and budget - capital investment - local infrastructure funding