Bill Text: MN HF309 | 2011-2012 | 87th Legislature | Introduced

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Bill Title: Interstate Highway 494 additional lane funding provided, bonds issued, and money appropriated.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2011-01-31 - Introduction and first reading, referred to Transportation Policy and Finance [HF309 Detail]

Download: Minnesota-2011-HF309-Introduced.html

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A bill for an act

relating to highways; appropriating money for adding a lane to a portion of
Interstate Highway 494; authorizing sale of trunk highway bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. APPROPRIATION; BOND SALE AUTHORIZATION.
    Subdivision 1. Appropriation. $100,000,000 is appropriated from the bond
proceeds account in the trunk highway fund to the commissioner of transportation,
for reconstruction of marked Interstate Highway 494, to add additional lanes from
the interchange at marked Trunk Highway 55 to the interchange at marked Interstate
Highways 694 and 94.
    Subd. 2. Bond sale authorization. To provide the money appropriated in
subdivision 1 from the bond proceeds account in the trunk highway fund, the commissioner
of management and budget shall sell and issue bonds of the state in an amount up to
$100,000,000 in the manner, upon the terms, and with the effect prescribed by Minnesota
Statutes, sections 167.50 to 167.52, and by the Minnesota Constitution, article XIV, section
11, at the times and in the amounts requested by the commissioner of transportation. The
proceeds of the bonds, except accrued interest and any premium received from the sale of
the bonds, must be deposited in the bond proceeds account in the trunk highway fund.
EFFECTIVE DATE.This section is effective the day following final enactment.