Red River Basin; flood hazard mitigation projects funding provided, bonds issued, and money appropriated.

This bill authorizes the issuance of up to $35 million in state bonds to fund flood hazard mitigation projects in Minnesota's Red River Basin. The funds will be distributed through grants to three watershed districts for specific infrastructure improvements, including river rehabilitation and water retention projects. The legislation allows for a higher state contribution of up to 75 percent of project costs, which is an increase from the standard grant rate, and includes provisions for calculating local matching requirements based on household income levels. The bill takes effect immediately upon final enactment and directs the commissioner of natural resources to manage the distribution of these funds.