The bill proposes an appropriation of $1,500,000 from the bond proceeds fund to the Board of Water and Soil Resources for flood hazard mitigation projects in Area II of the Minnesota River Basin. This funding is intended to support capital improvements aimed at preventing or alleviating flood damage. However, the appropriation is contingent upon the Board determining that $1 has been committed from nonstate sources for every $3 of state grant, ensuring a level of financial partnership in the funding.

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 provide the necessary funds for the appropriation. The bond issuance will follow the procedures outlined in Minnesota Statutes and the state constitution. The provisions of this bill will take effect the day after it is enacted.