The bill proposes an appropriation of $44,000,000 from the bond proceeds fund to the commissioner of transportation for the port development assistance program, as outlined in Minnesota Statutes, chapter 457A. It stipulates that any improvements funded by these grants must be publicly owned. Additionally, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the same amount to finance this appropriation, following the procedures established in Minnesota Statutes and the Minnesota Constitution.
The effective date of this section is set for the day following its final enactment, ensuring that the funding and bond issuance can proceed promptly to support the port development initiatives in Minnesota.