HF 4535

as introduced - 91st Legislature (2019 - 2020) Posted on 04/07/2020 11:25am

A bill for an act
relating to capital investment; appropriating money for the Trunk Highway
252/Interstate Highway 94 project; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin TRUNK HIGHWAY 252/INTERSTATE HIGHWAY 94 PROJECT;
APPROPRIATION AND TRUNK HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $98,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for preliminary
and final design, engineering, environmental analysis, right-of-way acquisition and
construction, and reconstruction of the project on marked Trunk Highway 252 and marked
Interstate Highway 94, as selected in the corridors of commerce program from the
appropriation under Laws 2018, chapter 214, article 1, section 16, subdivision 11.
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 trunk highway fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $98,000,000 in the manner, upon
the terms, and with the effect prescribed by Minnesota Statutes, sections 167.50 to 167.52,
and by the Minnesota Constitution, article XIV, section 11, at the times and in the amounts
requested by the commissioner of transportation. The proceeds of the bonds, except accrued
interest and any premium received from the sale of the bonds, must be deposited in the bond
proceeds account in the trunk highway 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

Sec. 2. new text begin TRUNK HIGHWAY 252/INTERSTATE HIGHWAY 94 PROJECT;
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 $55,000,000 is appropriated from the bond proceeds
account in the state transportation fund for a grant to the Metropolitan Council, Hennepin
County, the city of Brooklyn Park, the city of Brooklyn Center, or the city of Minneapolis
for preliminary and final design, engineering, environmental analysis, right-of-way
acquisition and construction, and reconstruction of the project on marked Trunk Highway
252 and marked Interstate Highway 94, as selected in the corridors of commerce program
from the appropriation under Laws 2018, chapter 214, article 1, section 16, subdivision 11.
This appropriation may be used by the Metropolitan Council or for grants to metropolitan
area political subdivisions for preliminary engineering, engineering, environmental analysis,
environmental work, and design of a transit service improvement in the Interstate 94 corridor
from the Maple Grove Transit Center to downtown Minneapolis.
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 fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $55,000,000 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.
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