HF402

Purpose

• The bill aims to fund a new public works maintenance facility for the city of Ranier by providing state financing through an appropriation and the sale of state bonds.

Main Provisions

• Subdivision 1 – Appropriation:

  • An amount of 300,000 is appropriated from the bond proceeds fund.
  • This money is for a grant to the city of Ranier to predesign, design, construct, furnish, and equip a new public works maintenance facility.
  • The appropriation does not require a nonstate match, meaning the city does not have to provide a required state/local funding match.

• Subdivision 2 – Bond Sale:

  • To provide the money, the commissioner of management and budget must sell and issue state bonds up to 300,000.
  • Bond terms and procedures follow Minnesota Statutes sections 16A.631 to 16A.675 and Minnesota Constitution article XI sections 4 to 7.

Funding Details and Authority

• Source: bond proceeds fund.
• Oversight and process: in accordance with existing state bonding laws and constitutional provisions.

Significant Changes to Existing Law

• Establishes a new appropriation and authorization to issue bonds specifically for the Ranier public works maintenance facility project.
• Creates a funding mechanism (bond proceeds fund) for this project and specifies no nonstate match requirement for the grant.

Implementation Notes

• The facility project is described as predesign, design, construct, furnish, and equip, indicating a comprehensive development process from planning through completion.

Relevant Terms - Ranier, public works maintenance facility, appropriation, grant, predesign, design, construct, furnish, equip, nonstate match, bond proceeds fund, bond sale, state bonds, up to 300,000, Commissioner of Employment and Economic Development, Commissioner of Management and Budget, Minnesota Statutes sections 16A.631 to 16A.675, Minnesota Constitution article XI sections 4 to 7.