SF3056

Purpose of the Bill

The bill is designed to authorize capital investment in Minnesota through the issuance and sale of state bonds. The funds acquired are allocated for the acquisition, enhancement, and development of public land, buildings, and other improvements of a capital nature.

Main Provisions

• Appropriations and Project Funding: The bill appropriates funds to various state agencies for capital improvement projects, including state universities, colleges, natural resources, and public safety facilities, among others.
• Higher Education Support: Funding is provided to both the University of Minnesota and Minnesota State Colleges and Universities for asset preservation and replacement projects.
• Library Construction: The commissioner of education will receive funds for library construction grants across the state.
• Natural Resources and Environment: Funds are allocated for the preservation and betterment of state-owned facilities and recreational areas, as well as flood hazard mitigation and dam renovation projects.
• Pollution Control and Drinking Water Safety: The bill provides allocations for statewide drinking water contamination mitigation programs and assistance for reducing pollutants in water.
• Public Safety and Corrections: Funding is included for developing the Bureau of Criminal Apprehension regional offices and expanding correctional facilities.
• Housing and Historical Preservation: There are provisions for public housing preservation and historical site asset preservation projects.
• Economic Development: Grants are set for developing infrastructure in Greater Minnesota to support business and employment.

Significant Changes to Existing Law

• The bill amends multiple sections of the Minnesota Statutes to align with the new appropriations and capital improvements.
• It modifies existing programs and establishes new programs to oversee these projects.
• It repeals certain sections of the Minnesota Statutes that no longer align with current infrastructural and environmental priorities.

Bond Sale & Financial Management

• The commissioner of management and budget is authorized to sell and issue up to $790,000,000 in state bonds.
• The bill places a cap on the transfer from the general fund to service the state bond fund, ensuring fiscal responsibility.

Relevant Terms

• Capital Investment
• State Bonds
• Appropriations
• Asset Preservation
• Public Facilities
• Environmental Mitigation
• Higher Education Funding
• Infrastructure Development