This bill outlines a financial plan to help manage flood risks in Area II of the Minnesota River Basin. The state of Minnesota plans to allocate $1.5 million from its bond proceeds fund to support flood hazard mitigation projects. This funding will be managed by the Minnesota Board of Water and Soil Resources and will only be released if there is a 3 to 1 match of private or other non-state funds for every state dollar provided. The necessary funds will be raised through the sale of state bonds, as guided by specific statutes and constitutional provisions. Essentially, the bill aims to enhance infrastructure in order to prevent or reduce flood damage in the specified area, relying on both state and non-state funding to achieve this goal.