HF 737

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to highways; authorizing issuance of trunk
highway bonds for improvements to highway 60 in
Faribault; appropriating money.

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

Section 1. new text begin APPROPRIATION; HIGHWAY 60 PROJECT.
new text end

new text begin $15,000,000 is appropriated from the bond proceeds account
in the trunk highway fund to the commissioner of transportation
for improvements to marked Trunk Highway 60 in Faribault, from
the Viaduct Bridge to the Iowa, Chicago, and Eastern Railroad
crossing, including reconstruction of the Viaduct Bridge.
new text end

Sec. 2. new text begin BOND SALE AUTHORIZATION.
new text end

new text begin To provide the money appropriated in section 1 from the
bond proceeds account in the trunk highway fund, the
commissioner of finance shall sell and issue bonds of the state
in an amount up to $15,000,000 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 on the sale of
the bonds, must be credited to the bond proceeds account in the
trunk highway fund.
new text end