HF 1232

as introduced - 88th Legislature (2013 - 2014) Posted on 03/04/2013 02:27pm

A bill for an act
relating to transportation; capital investment; appropriating money for the
I-35W/I-494 Interchange and bus rapid transit station; authorizing the sale and
issuance of state bonds.

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

Section 1. new text begin I-35W/I-494 INTERCHANGE; PHASE 1.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $80,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for phase one
of the turbine-design project for the interchange of marked Interstate Highway 35W and
marked Interstate Highway 494 in the city of Bloomington. This appropriation includes
money for design, environmental work, right-of-way acquisition, and construction of the
interchange and associated bus rapid transit station.
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 $80,000,000 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