HF 2973

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 state bonding for 
  1.3             improvements to marked Trunk Highway 65 to facilitate 
  1.4             bus rapid transit. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [APPROPRIATION; BUS RAPID TRANSIT.] 
  1.7      $750,000 is appropriated from the bond proceeds account in 
  1.8   the trunk highway fund to the commissioner of transportation in 
  1.9   fiscal year 2005 for roadway and shoulder improvements to marked 
  1.10  Trunk Highway 65 between marked Interstate Highway 694 and 
  1.11  marked Trunk Highway 242, to facilitate implementation and 
  1.12  operation of bus rapid transit in that highway corridor. 
  1.13     Sec. 2.  [BOND SALE AUTHORIZATION.] 
  1.14     The commissioner of finance shall sell and issue bonds of 
  1.15  the state in an amount up to $750,000 in the manner, upon the 
  1.16  terms, and with the effect prescribed by Minnesota Statutes, 
  1.17  sections 167.50 to 167.52, and by the Minnesota Constitution, 
  1.18  article XIV, section 11, at the times and in the amounts 
  1.19  requested by the commissioner of transportation.  The proceeds 
  1.20  of the bonds, except accrued interest and any premium received 
  1.21  on the sale of the bonds, must be credited to a bond proceeds 
  1.22  account in the trunk highway fund.