HF 432

as introduced - 90th Legislature (2017 - 2018) Posted on 01/23/2017 01:45pm

A bill for an act
relating to capital investment; appropriating money for local road improvements
in the city of Mountain Iron related to the reconstruction of marked U.S. Highway
169; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MOUNTAIN IRON LOCAL ROAD IMPROVEMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $538,000 is appropriated from the bond proceeds account
in the state transportation fund to the commissioner of transportation for trunk highway
corridor project grants under Minnesota Statutes, section 174.52, subdivision 2, for a grant
to the city of Mountain Iron for its share of the cost of improvements to Enterprise Drive
North where this road intersects marked U.S. Highway 169 in Mountain Iron. This project
is due to and will be done in conjunction with the reconstruction of marked U.S. Highway
169.
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 state
transportation fund, the commissioner of management and budget shall sell and issue bonds
of the state in an amount up to $538,000 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. The proceeds of the bonds, except accrued interest
received on the sale of the bonds, must be credited to a bond proceeds account in the state
transportation 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