SF584

Purpose

This bill would provide funding for the Greater Minnesota business development public infrastructure grant program. It would authorize the state to borrow money to finance grants under that program.

Main Provisions

• Appropriation: Allocates 20,000,000 dollars 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 described in Minnesota Statutes 116J.431).
• Bond financing: Allows the state to sell and issue up to 20,000,000 dollars in state bonds to finance the appropriation, under the state’s bonding laws and constitutional provisions.

Financing and Legal Authority

• Bond sale: The commissioner of management and budget would manage the sale and issuance of bonds up to the 20,000,000 dollar amount, following Minnesota Statutes sections 16A.631 to 16A.675 and Minnesota Constitution Article XI, sections 4 to 7.
• Program reference: The funding supports grants under the Greater Minnesota business development public infrastructure grant program specified in Minnesota Statutes section 116J.431.

Significance and Changes to Law

• What changes: Creates an appropriation of 20 million dollars and authorizes up to 20 million dollars in bond financing to fund grants for infrastructure related to business development in greater Minnesota.
• Policy impact: Enables additional public infrastructure investments to support business development outside the metro area by using bond financing to fund the grants.

Relevant Terms

Greater Minnesota business development public infrastructure grant program appropriation bond proceeds fund bonds bond sale Commissioner of Employment and Economic Development (DEED) Commissioner of Management and Budget Minnesota Statutes section 116J.431 Minnesota Statutes sections 16A.631 to 16A.675 Minnesota Constitution Article XI sections 4 to 7