HF 2727

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:32pm

A bill for an act
relating to transportation; appropriating money for the local road improvement
program; authorizing the sale and issuance of state bonds.

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

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

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $40,000,000 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 the local road improvement program under
Minnesota Statutes, section 174.52. Of this appropriation:
new text end

new text begin (1) $20,000,000 is for grants to counties to assist in paying the costs of rural road
safety capital improvement projects on county state-aid highways under Minnesota
Statutes, section 174.52, subdivision 4a; and
new text end

new text begin (2) $20,000,000 is for grants for construction and reconstruction of local roads with
statewide or regional significance under Minnesota Statutes, section 174.52, subdivision 4.
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 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 $40,000,000 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 the 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