The bill proposes an appropriation of $1,500,000 from the bond proceeds fund to the Public Facilities Authority for a grant to the city of Floodwood. This funding is designated for the design and construction of capital improvements to the city's water and sewer infrastructure, specifically along County Road 832 (Floodwood Road). The improvements will include the replacement and expansion of water and sewer mains, as well as associated street reconstruction, aimed at enhancing both business and residential development in the area.

Additionally, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the amount of $1,500,000 to finance the appropriated funds. The bond issuance will be conducted in accordance with the relevant Minnesota Statutes and the state constitution. The provisions of this bill will take effect the day following its final enactment.