SF5241

Purpose

• The bill provides a capital investment appropriation to finance street and water infrastructure improvements in the city of McKinley. It authorizes the sale and issuance of state bonds to fund this investment.

Main provisions

• Subdivision 1 — Appropriation:
  • $4,500,000 is appropriated from the bond proceeds fund to the Public Facilities Authority (PFA).
  • The money is for a grant to the city of McKinley to design, construct, and equip the replacement of sewer and water infrastructure, as well as related street replacement and repairs.
• Subdivision 2 — Bond sale:
  • The state will sell and issue bonds up to $4,500,000 from the bond proceeds fund to finance the appropriation.
  • Bond issuance must follow the terms and effects prescribed by Minnesota Statutes sections 16A.631 to 16A.675 and by the Minnesota Constitution, Article XI, sections 4 to 7.

Financing details

• Source of funds: bond proceeds fund.
• Financing mechanism: issuance of state bonds up to $4,500,000.
• Oversight/compliance: bond sale must adhere to specified statutory provisions and constitutional requirements.

Intended outcomes

• Upgrade and replacement of sewer and water infrastructure in McKinley.
• Associated street replacement and repairs to support improved public utilities and road conditions.

Significant changes to existing law

• Creates a new appropriation and bonding authority dedicated to the city of McKinley for infrastructure upgrades.
• Involves a grant from the Public Facilities Authority to the city and directs the use of bond proceeds for design, construction, and equipment related to sewer/water systems and street work.
• Requires bond issuance in accordance with existing Minnesota statutes and constitutional provisions. No other broad policy changes are specified in this text.

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Relevant Terms - capital investment - appropriation - bond proceeds fund - Public Facilities Authority (PFA) - grant - city of McKinley - design - construct - equip - replacement of sewer and water infrastructure - street replacement and repairs - bond sale / issuing bonds - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7