Bill Text: MN HF2208 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Trunk highway interchange funding provided, bonds issued, and money appropriated.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-02-13 - Introduction and first reading, referred to Transportation Policy and Finance [HF2208 Detail]
Download: Minnesota-2011-HF2208-Introduced.html
1.2relating to transportation; appropriating money for trunk highway interchanges;
1.3authorizing the sale and issuance of state bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. TRUNK HIGHWAY BONDS; APPROPRIATION AND BOND SALE
1.6AUTHORIZATION.
1.7 Subdivision 1. Appropriation. $35,000,000 is appropriated from the bond proceeds
1.8account in the trunk highway fund to the commissioner of transportation for construction
1.9of interchanges involving a trunk highway, where the interchange will promote economic
1.10development, increase employment, and promote traffic safety. This amount must be
1.11allocated solely outside of the department's metropolitan district.
1.12 Subd. 2. Bond sale. To provide the money appropriated in subdivision 1 from the
1.13bond proceeds account in the trunk highway fund, the commissioner of management
1.14and budget shall sell and issue bonds of the state in an amount up to $35,000,000 in the
1.15manner, upon the terms, and with the effect prescribed by Minnesota Statutes, sections
1.16167.50 to 167.52, and by the Minnesota Constitution, article XIV, section 11, at the times
1.17and in the amounts requested by the commissioner of transportation. The proceeds of the
1.18bonds, except accrued interest and any premium received from the sale of the bonds, must
1.19be deposited in the bond proceeds account in the trunk highway fund.
1.20EFFECTIVE DATE.This section is effective the day following final enactment.
1.3authorizing the sale and issuance of state bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. TRUNK HIGHWAY BONDS; APPROPRIATION AND BOND SALE
1.6AUTHORIZATION.
1.7 Subdivision 1. Appropriation. $35,000,000 is appropriated from the bond proceeds
1.8account in the trunk highway fund to the commissioner of transportation for construction
1.9of interchanges involving a trunk highway, where the interchange will promote economic
1.10development, increase employment, and promote traffic safety. This amount must be
1.11allocated solely outside of the department's metropolitan district.
1.12 Subd. 2. Bond sale. To provide the money appropriated in subdivision 1 from the
1.13bond proceeds account in the trunk highway fund, the commissioner of management
1.14and budget shall sell and issue bonds of the state in an amount up to $35,000,000 in the
1.15manner, upon the terms, and with the effect prescribed by Minnesota Statutes, sections
1.16167.50 to 167.52, and by the Minnesota Constitution, article XIV, section 11, at the times
1.17and in the amounts requested by the commissioner of transportation. The proceeds of the
1.18bonds, except accrued interest and any premium received from the sale of the bonds, must
1.19be deposited in the bond proceeds account in the trunk highway fund.
1.20EFFECTIVE DATE.This section is effective the day following final enactment.
