HF 1580

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:53am

A bill for an act
relating to capital improvements; appropriating money for road construction;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin APPROPRIATION.
new text end

new text begin $452,500 is appropriated from the bond proceeds fund to the Public Facilities
Authority for a grant to the city of Mountain Iron for construction of the final segment of
Unity Drive from Diamond Lane to Park Drive in South Grove. This appropriation is not
available until the commissioner of finance has determined that at least an equal amount
has been committed to the project from nonstate sources.
new text end

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

new text begin To provide the money appropriated in section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$452,500 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.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end