HF 5416

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/25/2024 10:44am

A bill for an act
relating to transportation; appropriating money for intersection improvements
along marked U.S. Highway 14 in the city of Byron; authorizing the sale and
issuance of state bonds.

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

Section 1. new text begin U.S. HIGHWAY 14 INTERSECTION IMPROVEMENTS;
APPROPRIATION AND TRUNK HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation; trunk highway bond proceeds. new text end

new text begin $2,400,000 is
appropriated from the bond proceeds account in the trunk highway fund to the commissioner
of transportation for trunk highway bond eligible portions of a project to conduct
environmental analysis, predesign, and final design of a project to replace at-grade
intersections and traffic signals with grade-separated interchanges along marked U.S.
Highway 14, including but not limited to intersections with Olmsted County State-Aid
Highway 3 and Olmsted County State-Aid Highway 5, in the city of Byron. Any amount
remaining after substantial completion of environmental analysis, predesign, design, and
engineering work may be applied to the state's share to acquire right-of-way for and to
construct, furnish, and equip these interchanges and associated infrastructure and road work
to accommodate these interchanges.
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 $2,400,000 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