HF 1002

as introduced - 89th Legislature (2015 - 2016) Posted on 02/18/2015 11:16am

A bill for an act
relating to transportation; capital investment; appropriating money for
interchange access at marked Interstate Highway 494 and East Bush Lake Road;
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 BONDS; 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 $20,000,000 is appropriated from the bond
proceeds account in the trunk highway fund to the commissioner of transportation for
preliminary engineering, engineering, design, environmental analysis, environmental
work, right-of-way acquisition, and construction of interchange access to westbound
marked Interstate Highway 494 from Hennepin County State-Aid Highway 28, known
as East Bush Lake Road in Bloomington, including modifications to adjacent ramps,
roadways, and intersections.
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 $20,000,000 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