as introduced - 87th Legislature (2011 - 2012) Posted on 02/01/2012 11:39am
A bill for an act
relating to transportation; appropriating money for local road improvement;
authorizing the sale and issuance of state bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$30,000,000 is appropriated from the bond proceeds
account in the state transportation fund as provided in Minnesota Statutes, section
174.50, to the commissioner of transportation for construction and reconstruction of local
roads with statewide or regional significance under Minnesota Statutes, section 174.52,
subdivision 4, or for grants to counties to assist in paying the costs of rural road safety
capital improvement projects on county state-aid highways under Minnesota Statutes,
section 174.52, subdivision 4a.
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To provide the money appropriated in subdivision 1 from the
bond proceeds account in the state transportation fund, the commissioner of management
and budget shall sell and issue bonds of the state in an amount up to $30,000,000 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. 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 state transportation fund.
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This section is effective the day following final enactment.
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