HF 2121

as introduced - 91st Legislature (2019 - 2020) Posted on 03/07/2019 02:46pm

A bill for an act
relating to capital investment; appropriating money for the local road improvement
fund program; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin LOCAL ROAD IMPROVEMENT FUND GRANTS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $100,000,000 is appropriated from the bond proceeds
account in the state transportation fund under Minnesota Statutes, section 174.50, to the
commissioner of transportation for trunk highway corridor projects under Minnesota Statutes,
section 174.52, subdivision 2, for construction and reconstruction of local roads with
statewide or regional significance under Minnesota Statutes, section 174.52, subdivision 4,
or for grants to counties to assist in paying the costs of rural road safety capital improvement
projects on county state-aid highways under Minnesota Statutes, section 174.52, subdivision
4a.
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 state transportation fund, the commissioner of management and
budget shall sell and issue bonds of the state in an amount up to $100,000,000 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