Plain English Breakdown
The official source material does not provide details on how bond sales are conducted or what happens if funds cannot be used entirely.
Funding for Clean Water Infrastructure in Lonsdale
The bill provides funding and authorizes bond sales to support clean water infrastructure projects in Lonsdale.
What This Bill Does
- Appropriates $4,851,000 from the bond proceeds fund to the Public Facilities Authority for a grant to the city of Lonsdale to design, construct, furnish, and equip a new water tower and water main looping system in the city of Lonsdale.
- Authorizes the commissioner of management and budget to sell state bonds up to $4,851,000 to cover the funding needed for clean water infrastructure projects in Lonsdale.
Who It Names or Affects
- The city of Lonsdale
- Residents and businesses in Lonsdale who rely on clean water infrastructure
Terms To Know
- Bond proceeds fund
- A special fund used to hold money from the sale of bonds until it is needed for specific projects.
- Public Facilities Authority
- An organization that manages and oversees public infrastructure projects, such as water systems.
Limits and Unknowns
- The bill does not specify how the bond sale will be conducted or when it will take place.
- It is unclear what happens if the city of Lonsdale cannot use all of the allocated funds for the clean water infrastructure projects.