HF 1636

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to transportation; authorizing sale of trunk highway bonds for
construction of interchanges; appropriating money.

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

Section 1. new text begin APPROPRIATION FOR INTERCHANGE CONSTRUCTION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $40,000,000 is appropriated from the trunk highway
bond proceeds account to the commissioner of transportation for construction of trunk
highway interchanges. Interchanges eligible for funding with this appropriation must:
new text end

new text begin (1) connect and provide access to residential and commercial developments;
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new text begin (2) facilitate creation of and access to jobs;
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new text begin (3) encourage economic development and tax base growth in the vicinity of the
interchange;
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new text begin (4) ease traffic congestion; and
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new text begin (5) reduce traffic hazards.
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new text begin Subd. 2. new text end

new text begin Application. new text end

new text begin The commissioner shall select a project based on application
submitted by an affected local government unit, showing compliance with the criteria
in subdivision 1. Priority must be given to interchanges supported by public-private
partnerships.
new text end

Sec. 2. new text begin REPORT.
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new text begin The commissioner of transportation shall report to the house of representatives and
senate committees with jurisdiction over transportation finance by February 1, 2009,
concerning the use of this appropriation.
new text end

Sec. 3. new text begin BOND SALE.
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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 trunk highway
bonds in an amount up to $40,000,000 in the manner, on 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

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end