HF334

Purpose

Provide funding and authority to support infrastructure-related grants for business development in Greater Minnesota. The bill allocates money and allows the state to borrow via bonds to fund these grants.

Main provisions

• Subdivision 1 – Appropriation: $20,000,000 is appropriated from the bond proceeds fund to the commissioner of employment and economic development for grants under the Greater Minnesota business development public infrastructure grant program (as specified in Minnesota Statutes section 116J.431).
• Subdivision 2 – Bond sale: The commissioner of management and budget shall sell and issue state bonds totaling up to $20,000,000 to finance the appropriation. The bond sale must follow the terms and effects described in Minnesota Statutes sections 16A.631 to 16A.675 and in the Minnesota Constitution, article XI, sections 4 to 7.

What is being changed / new authorities

• Establishes a specific $20 million appropriation from the bond proceeds fund for the infrastructure grant program.
• Grants the state the authority to issue up to $20 million in bonds to fund the appropriation, with the sale governed by existing bond and constitutional provisions.

Administrative details

• The grants are to be made under the Greater Minnesota business development public infrastructure grant program, as defined by Minnesota Statutes section 116J.431.
• The program and related grants remain administered under the existing statutory framework referenced in the bill.

Fiscal and debt impact

• Financial impact: Creates a $20 million appropriation funded by bond proceeds to support infrastructure grants.
• Debt impact: Requires issuance of up to $20 million in state bonds, managed according to state statutes on debt and constitutional requirements.

Implementation notes

• The bill relies on existing statutory authorities for grant administration (116J.431) and for debt issuance (16A.631 to 16A.675) and on constitutional provisions (Article XI, sections 4–7).

Potential outcomes

• Aims to support infrastructure projects that facilitate business development in Greater Minnesota, potentially spurring economic activity and job growth in that region.

Effective date

• Not specified in the provided text. (Implementation would follow the applicable enactment and transition rules if enacted.)

Relevant Terms - greater Minnesota - business development - public infrastructure grant program - Minnesota Statutes section 116J.431 - bond proceeds fund - grants - commissioner of employment and economic development - commissioner of management and budget - bond sale / sale and issue of bonds - $20,000,000 - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution article XI sections 4 to 7