SF1008

Purpose

• This bill would authorize funding from the state’s bond proceeds to support a local infrastructure project in Stillwater. It aims to provide financial resources for the design and reconstruction of a specific street segment, along with related improvements, by issuing state bonds.

Subdivision 1 — Appropriation (What money is set aside)

• An appropriation of 2,023,000 dollars from the bond proceeds fund is allocated to the commissioner of transportation.
• The money is to be given as a grant to the city of Stillwater.
• The project covered is the design and reconstruction of Myrtle Street from Owens Street to Main Street.
• The appropriation also covers the replacement of sidewalk, curb, gutter, and associated public infrastructure as part of the project.

Subdivision 2 — Bond sale (How the money is financed)

• The commissioner of management and budget must sell and issue state bonds to raise up to 2,023,000 dollars to fund the appropriation.
• Bond terms and the process must follow Minnesota law (Minnesota Statutes sections 16A.631 to 16A.675) and the Minnesota Constitution (Article XI, sections 4 to 7).

Project scope and location

• Myrtle Street in the city of Stillwater, specifically the segment from Owens Street to Main Street.
• The project includes design and reconstruction work plus replacing sidewalk, curb, gutter, and related public infrastructure.

Financial implications

• Creates debt authority for the state to finance a local infrastructure project.
• Establishes a funding stream via the bond proceeds fund and requires ongoing debt management under state law and constitutional provisions.

What it could mean for local impact

• The city of Stillwater would receive a grant to complete the street project, potentially improving transportation access, sidewalk safety, drainage, and street quality on the targeted segment.

Relevant Terms - bond proceeds fund - appropriation - grant to the city of Stillwater - Myrtle Street - Owens Street - Main Street - design and reconstruction - sidewalk - curb - gutter - public infrastructure - bond sale / sale and issue of bonds - commissioner of transportation - commissioner of management and budget - Minnesota Statutes 16A.631 to 16A.675 - Minnesota Constitution Article XI, sections 4 to 7