SF897

Purpose

Explain and authorize funding for a municipal park project in Faribault. The bill provides state money to support park improvements and sets up the process to borrow that money through bonds.

Main Provisions

• Appropriation: An amount of 2,962,000 is appropriated from the bond proceeds fund to the commissioner of employment and economic development (DEED) to grant to the city of Faribault. The grant is for constructing, furnishing, and equipping capital improvements at a municipal park in downtown Faribault.
• Project scope: The improvements include an outdoor refrigerated skating loop, a splash pad, trails, sidewalks, landscaping, lighting, tables and benches, and parking areas.
• Bond authorization: The money appropriated is to be provided by state bonds. The commissioner of management and budget shall sell and issue bonds of the state in an amount up to 2,962,000, under the terms and effects described by Minnesota Statutes sections 16A.631 to 16A.675 and by the Minnesota Constitution article XI sections 4 to 7.

Financing and Bond Issuance

• Bond sale process: The sale and issuance of bonds up to 2,962,000 must follow the standard state bond laws and constitutional rules referenced above.
• Oversight: The financing uses the bond proceeds fund and follows established state procedures for bond sales.

Relationship to Existing Law

• This act creates a new appropriation and bond authorization for Faribault’s park project and requires bond issuance under existing Minnesota statutes and constitutional provisions. It does not specify other changes to current law beyond enabling the described funding and issuance.

Significant Changes to Existing Law

• Adds a new capital investment appropriation and a new authorization to issue state bonds targeted for a specific municipal park project in Faribault.
• Reaffirms that financing must proceed under the standard bond statutes and constitutional provisions listed.

Relevant Terms - bond proceeds fund - grant - city of Faribault - municipal park - outdoor refrigerated skating loop - splash pad - trails - sidewalks - landscaping - lighting - tables and benches - parking areas - commissioner of employment and economic development (DEED) - grant to the city - bonds of the state - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution article XI sections 4 to 7