HF2953

Purpose of the Bill

The purpose of this bill is to finance water main improvements in the city of Shorewood, Minnesota. This involves obtaining funds through the sale of state bonds to support the development of essential water infrastructure.

Main Provisions

• Funding: The bill appropriates $750,000 from the bond proceeds fund.
• Use of Funds: The allocated money is designated for a grant to the city of Shorewood. The funds will be used for acquiring property and easements, designing, constructing, and equipping water main infrastructure along Mill Street in Shorewood.
• Bond Sale Authorization: To raise the necessary funds, the commissioner of management and budget is authorized to sell and issue bonds on behalf of the state. The bonds can total up to $750,000 and are to be managed according to specific Minnesota statutes and constitutional provisions.

Significant Changes

• The bill establishes a new financial commitment by the state for infrastructure improvements in Shorewood, specifically targeting the water mains. There are no changes to existing laws beyond the appropriation and bond sales.

Relevant Terms

• Capital investment
• Water main improvements
• Shorewood
• State bonds
• Public Facilities Authority
• Bond proceeds fund