SF4372

Purpose

To provide funding for a skate park in Minneapolis by using state bond financing. The bill would appropriate money from the bond proceeds fund to support a grant to a local parks agency, and it would authorize the sale of state bonds to cover that funding.

Main provisions

• Subdivision 1 – Appropriation: $2,000,000 is appropriated from the bond proceeds fund to the commissioner of employment and economic development. The money is for a grant to the Minneapolis Park and Recreation Board to design and construct a skate park at Windom Northeast Park in the city of Minneapolis.
• Subdivision 2 – Bond sale: The money appropriated may be funded by selling and issuing state bonds up to $2,000,000. The bond sale must be conducted under the terms and with the effects described in Minnesota Statutes sections 16A.631 to 16A.675 and in the Minnesota Constitution, Article XI, sections 4 to 7.

Significance and impact

• Creates a new capital investment project funded through state bond financing.
• Directs a grant to a local park authority (Minneapolis Park and Recreation Board) for design and construction of a skate park.
• Uses the bond proceeds fund as the financing source and references specific state laws and constitutional provisions governing the bond issuance.

Relationship to existing law

• Explicitly relies on and cites Minnesota statutes governing bond sales (16A.631 to 16A.675) and constitutional authority (Article XI, sections 4-7) for the issuance and sale of bonds to fund the appropriation.

Administrative details

• Recipient: Minneapolis Park and Recreation Board.
• Project location: Windom Northeast Park, City of Minneapolis.
• Project purpose: Design and construct a skate park.

Fiscal context

• Total bond-supported appropriation: $2,000,000.
• Funding mechanism: Bond proceeds fund with state bonds up to $2,000,000 to finance the grant.

Relevant terms - appropriation - bond proceeds fund - grant - Minneapolis Park and Recreation Board - Windom Northeast Park - design and construct - skate park - bond sale - sell and issue bonds - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution article XI sections 4 to 7