HF 4550

as introduced - 91st Legislature (2019 - 2020) Posted on 04/14/2020 11:19am

A bill for an act
relating to capital investment; appropriating money for reconstruction of interchange
at County Road 104 and marked Trunk Highway 14 in Olmsted County; authorizing
the sale and issuance of state bonds.

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

Section 1. new text begin RECONSTRUCTION OF INTERCHANGE AT COUNTY ROAD 104
AND MARKED TRUNK HIGHWAY 14; 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 $1,785,000 is appropriated from the bond proceeds
account in the transportation fund to the commissioner of transportation for a grant to
Olmsted County to acquire property and to predesign, design, and engineer the reconstruction
of the interchange at County Road 104 and marked Trunk Highway 14. This appropriation
is for the portion of the project that is eligible for use of proceeds of general obligation
bonds. This appropriation is not available until the commissioner of management and budget
determines that at least $1,785,000 is committed to complete the project from nonstate
sources.
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 transportation fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $1,785,000 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

Sec. 2. new text begin RECONSTRUCTION OF INTERCHANGE AT COUNTY ROAD 104 AND
MARKED TRUNK HIGHWAY 14; 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 $2,030,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation to acquire property
and to predesign, design, and engineer the reconstruction of the interchange at County Road
104 and marked Trunk Highway 14 in Olmsted County. This appropriation is for the portion
of the project that is eligible for use of proceeds of trunk highway bonds.
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 $2,030,000 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, and 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