The bill proposes allocating $7,000,000 for upgrades and renovations to the wastewater treatment pond system in Pine City, Minnesota. This funding is to be sourced from the sale of state bonds, which will cover costs for repairs and improvements including fixing the pond's protective riprap, enhancing aeration, repairing the outflow line, and installing a new liner in the pond. This financial move is managed through the issuance of state bonds as authorized and regulated by specific Minnesota statutes and constitutional provisions.