HF 602

as introduced - 87th Legislature (2011 - 2012) Posted on 02/17/2011 11:02am

A bill for an act
relating to capital investment; appropriating money for Granary Road; road and
storm water infrastructure; authorizing the sale and issuance of state bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin GRANARY ROAD; ROAD AND STORM WATER
INFRASTRUCTURE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $5,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the city
of Minneapolis to acquire land for, and to predesign, design, and construct storm water
and roadway infrastructure for the proposed Granary Road adjacent to the University of
Minnesota. This appropriation is not available until the commissioner has determined that
at least an equal amount has been committed to the project from nonstate sources.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $5,000,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end