HF 1450

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to highways; authorizing issuance of 
  1.3             $774,000,000 in state trunk highway bonds for trunk 
  1.4             highway construction projects in Bloomington; 
  1.5             appropriating money. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [APPROPRIATIONS.] 
  1.8      $774,000,000 is appropriated to the commissioner of 
  1.9   transportation from the bond proceeds account in the trunk 
  1.10  highway fund.  The commissioner shall spend this appropriation 
  1.11  as follows: 
  1.12     (1) $15,000,000 for converting the intersection of marked 
  1.13  trunk highway 169 and Pioneer Trail in Bloomington into an 
  1.14  interchange; 
  1.15     (2) $15,000,000 for converting the intersection of marked 
  1.16  trunk highway 169 and Bloomington Ferry Road in Bloomington into 
  1.17  an interchange; 
  1.18     (3) $50,000,000 for completion of the interchange for 
  1.19  marked trunk highway 169 and marked interstate highway 494 
  1.20  (169/I-494 interchange); 
  1.21     (4) $248,000,000 for improvements to bridges and 
  1.22  interchanges on marked interstate highway 494 in Bloomington, 
  1.23  including the Lyndale Avenue bridge reconstruction and the 
  1.24  I-494/I-35W interchange improvement project; and 
  1.25     (5) $446,000,000 for expansion of marked interstate highway 
  2.1   494 between marked trunk highway 100 and Penn Avenue and between 
  2.2   Lyndale Avenue and 34th Avenue. 
  2.3      Sec. 2.  [BOND SALE AUTHORIZATION.] 
  2.4      To provide the money appropriated by section 1, the 
  2.5   commissioner of finance shall sell and issue bonds of the state 
  2.6   in an amount up to $774,000,000 in the manner, on the terms, and 
  2.7   with the effect prescribed by Minnesota Statutes, sections 
  2.8   167.50 to 167.52, and by the Minnesota Constitution, article 
  2.9   XIV, section 11, at the times and in the amounts requested by 
  2.10  the commissioner of transportation.  The proceeds of the bonds, 
  2.11  except accrued interest and any premium received on the sale of 
  2.12  the bonds, must be credited to the bond proceeds account in the 
  2.13  trunk highway fund. 
  2.14     Sec. 3.  [EFFECTIVE DATE.] 
  2.15     Sections 1 and 2 are effective the day following final 
  2.16  enactment.