HF 3566

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to highways; dedicating portion of state 
  1.3             lottery receipts to trunk highway improvements; 
  1.4             appropriating money; amending Minnesota Statutes 2000, 
  1.5             section 349A.10, subdivision 5. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 349A.10, 
  1.8   subdivision 5, is amended to read: 
  1.9      Subd. 5.  [DEPOSIT OF NET PROCEEDS.] Within 30 days after 
  1.10  the end of each month, the director shall deposit in the state 
  1.11  treasury the net proceeds of the lottery, which is the balance 
  1.12  in the lottery fund after transfers to the lottery prize fund 
  1.13  and credits to the lottery operations account.  Of the net 
  1.14  proceeds, 40 percent must be credited to the Minnesota 
  1.15  environment and natural resources trust fund, and during any 
  1.16  period in which bonds are issued and outstanding under section 
  1.17  16A.67, the remainder must be credited to the special revenue 
  1.18  fund created in section 16A.67, subdivision 3, provided that if 
  1.19  bonds are not issued and outstanding under section 16A.67, such 
  1.20  remainder must be credited to the trunk highway fund, until a 
  1.21  total of $13,000,000 has been deposited in the trunk highway 
  1.22  fund in each fiscal year, after which any remaining proceeds 
  1.23  must be credited to the general fund.  Money credited to the 
  1.24  special revenue fund must be transferred to the debt service 
  1.25  fund established in section 16A.67, subdivision 4, at the times 
  2.1   and in the amounts determined by the commissioner of finance to 
  2.2   be necessary to provide for the payment and security of bonds 
  2.3   issued pursuant to section 16A.67.  On or before the tenth day 
  2.4   of each month, any money in the special revenue fund not 
  2.5   required to be transferred to the debt service fund must be 
  2.6   transferred to the trunk highway fund or the general fund as 
  2.7   provided in this subdivision.  Money transferred to the trunk 
  2.8   highway fund is annually appropriated to the commissioner of 
  2.9   transportation for improvements to trunk highways that the 
  2.10  commissioner designates as high-risk interregional corridors. 
  2.11     [EFFECTIVE DATE.] This section is effective July 1, 2003.