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MN HF3734
Bill
Status
3/31/2016
Primary Sponsor
Paul Torkelson
Click for details
AI Summary
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Authorizes drainage authorities to acquire property and easements under a new riparian improvement program established in Minnesota Statutes chapter 103E.
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Establishes a riparian improvement revolving loan fund administered by the Board of Water and Soil Resources to provide interest-free loans to drainage authorities for eligible projects involving permanent buffer strips of perennial vegetation.
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Permits drainage authorities to use loan funds to acquire property in fee simple at market value (determined by licensed appraiser) or acquire easements of at least 16.5 feet wide for a minimum 20-year term at rates established by the Board of Water and Soil Resources.
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Requires drainage authorities to repay loans within ten years, with benefit assessments collected under section 103E.351 applied toward loan repayment and all payments deposited back into the revolving fund.
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Authorizes the sale and issuance of state bonds and appropriates proceeds from the bond proceeds fund to the Board of Water and Soil Resources for deposit into the riparian improvement revolving fund for capital projects.
Legislative Description
Drainage authorities authorized to acquire property, revolving loan fund to acquire property for riparian improvements created, bonds issued, and money appropriated.
Last Action
Introduction and first reading, referred to Environment and Natural Resources Policy and Finance
3/31/2016