HF 2548

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:31pm

A bill for an act
relating to transportation; authorizing sale and issuance of general obligation
bonds for local roads and bridges.

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

Section 1. new text begin APPROPRIATION AND BOND SALE AUTHORIZATION; LOCAL
ROAD IMPROVEMENT PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $15,000,000 is appropriated from the bond
proceeds account in the state transportation fund as provided in Minnesota Statutes,
section 174.50, to the commissioner of transportation, for construction or reconstruction
of local roads with statewide or regional significance under Minnesota Statutes, section
174.52, subdivision 4.
new text end

new text begin (b) Of the amount specified in paragraph (a), $850,000 is for reconstruction of
Mahnomen County Road 145 in the city of Mahnomen.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale authorization. new text end

new text begin To provide the money appropriated in
subdivision 1 from the bond proceeds account in the state transportation fund, the
commissioner of management and budget shall sell and issue bonds of the state in an
amount up to $15,000,000 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. The proceeds of the bonds, except accrued interest and any
premium received on the sale of the bonds, must be credited to a bond proceeds account
in the state transportation fund.
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