HF4602

Purpose

• This bill aims to fund infrastructure-related grants to support business development in Greater Minnesota. It does so by appropriating money and enabling state bonds to cover the cost.

Main Provisions

• Appropriation: $10,000,000 is appropriated from the bond proceeds fund to the commissioner of employment and economic development (DEED) for grants under the greater Minnesota business development public infrastructure grant program (as authorized by Minnesota Statutes section 116J.431).
• Bonding: The commissioner of management and budget must sell and issue state bonds up to $10,000,000 to finance this appropriation, under the terms and effects described by Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution article XI sections 4 to 7.

Financing Details

• Funding source: bond proceeds fund.
• Vehicles: sale and issuance of state bonds up to $10,000,000.
• Oversight/regulatory framework: financing is governed by the cited Minnesota statutes and constitutional provisions.

Target Program and Administration

• Program: Greater Minnesota business development public infrastructure grant program (under Minnesota Statutes section 116J.431).
• Administering agency: Commissioner of employment and economic development (DEED).

Significance and Changes to Existing Law

• Creates a new appropriation of $10,000,000 from bond proceeds to fund infrastructure-related grants for Greater Minnesota business development.
• Authorizes the issuance of up to $10,000,000 in state bonds to finance the appropriation.
• Ties the funding and bonding to existing statutory and constitutional frameworks (116J.431; 16A.631–16A.675; Article XI, sections 4–7).

Notable Implications

• This represents a capital investment approach to supporting infrastructure that helps business growth in Greater Minnesota, funded through state borrowing and administered by DEED.

Relevant Terms

• Greater Minnesota
• business development
• public infrastructure grant program
• Minnesota Statutes §116J.431
• bond proceeds fund
• appropriation
• commissioner of employment and economic development (DEED)
• commissioner of management and budget
• bond sale / sale and issue bonds
• Minnesota Statutes §§16A.631 to 16A.675
• Minnesota Constitution Article XI §§4–7
• capital investment