Bill Text: MN SF1685 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Local road improvement bond issue and appropriation
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2012-02-02 - Referred to Capital Investment [SF1685 Detail]
Download: Minnesota-2011-SF1685-Introduced.html
1.2relating to transportation; appropriating money for local road improvement;
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. LOCAL ROAD IMPROVEMENT; APPROPRIATION AND BOND
1.6SALE AUTHORIZATION.
1.7 Subdivision 1. Appropriation. $30,000,000 is appropriated from the bond proceeds
1.8account in the state transportation fund as provided in Minnesota Statutes, section
1.9174.50, to the commissioner of transportation for construction and reconstruction of local
1.10roads with statewide or regional significance under Minnesota Statutes, section 174.52,
1.11subdivision 4, or for grants to counties to assist in paying the costs of rural road safety
1.12capital improvement projects on county state-aid highways under Minnesota Statutes,
1.13section 174.52, subdivision 4a.
1.14 Subd. 2. Bond sale. To provide the money appropriated in subdivision 1 from the
1.15bond proceeds account in the state transportation fund, the commissioner of management
1.16and budget shall sell and issue bonds of the state in an amount up to $30,000,000 in the
1.17manner, upon the terms, and with the effect prescribed by Minnesota Statutes, sections
1.1816A.631 to 16A.675, and by the Minnesota Constitution, article XI, sections 4 to 7. The
1.19proceeds of the bonds, except accrued interest and any premium received on the sale of
1.20the bonds, must be credited to the bond proceeds account in the state transportation fund.
1.21EFFECTIVE 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. LOCAL ROAD IMPROVEMENT; APPROPRIATION AND BOND
1.6SALE AUTHORIZATION.
1.7 Subdivision 1. Appropriation. $30,000,000 is appropriated from the bond proceeds
1.8account in the state transportation fund as provided in Minnesota Statutes, section
1.9174.50, to the commissioner of transportation for construction and reconstruction of local
1.10roads with statewide or regional significance under Minnesota Statutes, section 174.52,
1.11subdivision 4, or for grants to counties to assist in paying the costs of rural road safety
1.12capital improvement projects on county state-aid highways under Minnesota Statutes,
1.13section 174.52, subdivision 4a.
1.14 Subd. 2. Bond sale. To provide the money appropriated in subdivision 1 from the
1.15bond proceeds account in the state transportation fund, the commissioner of management
1.16and budget shall sell and issue bonds of the state in an amount up to $30,000,000 in the
1.17manner, upon the terms, and with the effect prescribed by Minnesota Statutes, sections
1.1816A.631 to 16A.675, and by the Minnesota Constitution, article XI, sections 4 to 7. The
1.19proceeds of the bonds, except accrued interest and any premium received on the sale of
1.20the bonds, must be credited to the bond proceeds account in the state transportation fund.
1.21EFFECTIVE DATE.This section is effective the day following final enactment.
