Minnesota Legislature
HF 677
as introduced - 90th Legislature (2017 - 2018) Posted on 02/09/2017 06:06pm
Current Version - as introduced
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A bill for an act
relating to transportation; financing the trunk highway system; allocating certain
general funds for the corridors of commerce program; appropriating money;
authorizing sale and issuance of state bonds; amending Minnesota Statutes 2016,
sections 16A.152, subdivisions 1b, 2; 161.088, subdivision 2, by adding a
subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2016, section 16A.152, subdivision 1b, is amended to read:
Subd. 1b.
Budget reserve level.
(a) The commissioner of management and budget shall
calculate the budget reserve level by multiplying the current biennium's general fund
nondedicated revenues and the most recent budget reserve percentage under subdivision 8.
(b) If, on the basis of a November forecast of general fund revenues and expenditures,
the commissioner of management and budget determines that there will be a positive
unrestricted general fund balance at the close of the biennium and that the provisions of
subdivision 2,new text begin paragraph (a),new text end clauses (1)deleted text begin , (2), (3),deleted text end new text begin tonew text end (4), deleted text begin (5), and (6)deleted text end are satisfied, the
commissioner shall transfer to the budget reserve account in the general fund the amount
necessary to increase the budget reserve to the budget reserve level determined under
paragraph (a). The amount of the transfer authorized in this paragraph shall not exceed 33
percent of the positive unrestricted general fund balance determined in the forecast.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2017.
new text end
Sec. 2.
Minnesota Statutes 2016, section 16A.152, subdivision 2, is amended to read:
Subd. 2.
Additional revenues; priority.
(a) If on the basis of a forecast of general fund
revenues and expenditures, the commissioner of management and budget determines that
there will be a positive unrestricted budgetary general fund balance at the close of thenew text begin currentnew text end
biennium, the commissioner of management and budget must allocate money to the following
accounts and purposes in priority order:
(1) the cash flow account established in subdivision 1 until that account reaches
$350,000,000;
(2) the budget reserve account established in subdivision 1a until that account reaches
$1,596,522,000;
(3) the amount necessary to increase the aid payment schedule for school district aids
and credits payments in section 127A.45 to not more than 90 percent rounded to the nearest
tenth of a percent without exceeding the amount available and with any remaining funds
deposited in the budget reserve; deleted text begin and
deleted text end
(4) the amount necessary to restore all or a portion of the net aid reductions under section
127A.441 and to reduce the property tax revenue recognition shift under section 123B.75,
subdivision 5, by the same amountnew text begin ; and
new text end
new text begin (5) in each February forecast, any unallocated balance of up to $50,000,000 to the
corridors of commerce account under section 161.088, subdivision 2anew text end .
(b) The amounts necessary to meet the requirements of this section are appropriated
from the general fund within two weeks after the forecast is released or, in the case of
transfers under paragraph (a), clauses (3) and (4), as necessary to meet the appropriations
schedules otherwise established in statute.
(c) The commissioner of management and budget shall certify the total dollar amount
of the reductions under paragraph (a), clauses (3) and (4), to the commissioner of education.
The commissioner of education shall increase the aid payment percentage and reduce the
property tax shift percentage by these amounts and apply those reductions to the current
fiscal year and thereafter.
new text begin
(d) For purposes of this subdivision, "unallocated balance" is calculated as the greater
of zero or:
new text end
new text begin
(1) the forecasted unrestricted general fund balance at the close of the current biennium;
less
new text end
new text begin
(2) the amounts as determined to meet the requirements under paragraph (a), clauses (1)
to (4); less
new text end
new text begin
(3) the amount determined under subdivision 1b, paragraph (b); plus
new text end
new text begin
(4) in an odd-numbered year, the forecasted unrestricted general fund balance at the
close of the biennium following the current biennium, less the amount identified in clause
(1).
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2017.
new text end
Sec. 3.
Minnesota Statutes 2016, section 161.088, subdivision 2, is amended to read:
Subd. 2.
Program authority; funding.
(a) As provided in this section, the commissioner
shall establish a corridors of commerce program for trunk highway construction,
reconstruction, and improvement, including maintenance operations, that improves commerce
in the state.
(b) The commissioner may expend funds under the program from appropriations to the
commissioner that are:
(1)new text begin made from the corridors of commerce account under subdivision 2a;
new text end
new text begin (2)new text end made specifically by law for use under this section;
deleted text begin (2)deleted text end new text begin (3)new text end at the discretion of the commissioner, made for the budget activities in the state
roads program of operations and maintenance, program planning and delivery, or state road
construction; and
deleted text begin (3)deleted text end new text begin (4)new text end made for the corridor investment management strategy program, unless specified
otherwise.
(c) The commissioner shall include in the program the cost participation policy for local
units of government.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2017.
new text end
Sec. 4.
Minnesota Statutes 2016, section 161.088, is amended by adding a subdivision to
read:
new text begin Subd. 2a. new text end
new text begin Corridors of commerce account; appropriation. new text end
new text begin
(a) A corridors of commerce
account is established in the trunk highway fund. The account consists of funds provided
under section 16A.152 and any other money donated, allotted, transferred, or otherwise
provided to the account.
new text end
new text begin
(b) Money in the account is annually appropriated to the commissioner for the corridors
of commerce program and may only be expended on a project funded under this section.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2017.
new text end
Sec. 5. new text begin CORRIDORS OF COMMERCE; APPROPRIATION AND TRUNK
HIGHWAY BOND SALE AUTHORIZATION.
new text end
new text begin
$300,000,000 is appropriated from the bond proceeds account in the trunk highway fund
to the commissioner of transportation for the corridors of commerce program under
Minnesota Statutes, section 161.088.
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. 6. new text begin BOND SALE AUTHORIZATION.
new text end
new text begin
To provide the money appropriated in section 5 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 $300,000,000 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