This bill appropriates $60,400,000 from the bond proceeds fund to the commissioner of natural resources for flood hazard mitigation grants aimed at publicly owned capital improvements in the city of Moorhead, Clay County, and the Buffalo-Red River Watershed District. The funds are designated for projects that prevent or alleviate flood damage, as outlined in Minnesota Statutes, section 103F.161. Additionally, if the cost of a project exceeds two percent of the median household income multiplied by the number of households in the area, the appropriation will also cover the local share of the project.

To finance this appropriation, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the amount of $60,400,000, following the procedures established in Minnesota Statutes, sections 16A.631 to 16A.675, and the Minnesota Constitution, article XI, sections 4 to 7. The effective date of this section is set for the day following its final enactment.