HF4121

Purpose

To allocate funding through state bonds to support a skate park project in Minneapolis. Specifically, the bill would provide a grant for the Minneapolis Park and Recreation Board to design and construct a skate park at Windom Northeast Park, using money from the state’s bond proceeds fund, and authorize the sale of bonds to finance the appropriation.

Main Provisions

• Subd. 1 – Appropriation: $2,000,000 from the bond proceeds fund is appropriated to the commissioner of employment and economic development. This money is to be given as a grant to the Minneapolis Park and Recreation Board to design and construct a skate park at Windom Northeast Park in Minneapolis.
• Subd. 2 – Bond Sale: The commissioner of management and budget must sell and issue bonds of up to $2,000,000 to fund the appropriation. The bond sale and terms must follow Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, Article XI, sections 4 to 7.
• Fiscal/Financing Implications: The project is funded through the bond proceeds fund, meaning the state would issue bonds to raise the money for the grant.

Significant Changes to Existing Law

• Introduces a new capital investment and financing path specifically for a Minneapolis skate park by authorizing a $2,000,000 appropriation and accompanying bond sale.
• Establishes a grant arrangement to the Minneapolis Park and Recreation Board for design and construction of the skate park at Windom Northeast Park.
• Applies existing bonding laws and constitutional provisions to govern this new appropriation.

Terminology and Concepts (for clarity)

• appropriation
• bond proceeds fund
• grant
• Minneapolis Park and Recreation Board
• skate park
• Windom Northeast Park
• design and construct
• bond sale / state bonds
• 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

Relevant Terms

• appropriation
• bond proceeds fund
• grant
• design and construct
• skate park
• Windom Northeast Park
• Minneapolis
• Minneapolis Park and Recreation Board
• bond sale
• state bonds
• Minnesota Statutes 16A.631-16A.675
• Minnesota Constitution Article XI (sections 4-7)
• commissioner of employment and economic development
• commissioner of management and budget