HF 2665

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

A bill for an act
proposing an amendment to the Minnesota Constitution, article XI, section 5;
authorizing the use of general obligation bonds as an additional revenue source
for trunk highway funding.

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

Section 1. new text begin CONSTITUTIONAL AMENDMENT PROPOSED.
new text end

new text begin An amendment to the Minnesota Constitution is proposed to the people. If the
amendment is adopted, article XI, section 5, will read:
new text end

Sec. 5.

Public debt may be contracted and works of internal improvements carried on
for the following purposes:

(a) to acquire and to better public land and buildings and other public improvements
of a capital nature and to provide money to be appropriated or loaned to any agency
or political subdivision of the state for such purposes if the law authorizing the debt is
adopted by the vote of at least three-fifths of the members of each house of the legislature;

(b) to repel invasion or suppress insurrection;

(c) to borrow temporarily as authorized in section 6;

(d) to refund outstanding bonds of the state or any of its agencies whether or not the
full faith and credit of the state has been pledged for the payment of the bonds;

(e) to establish and maintain highways deleted text begin subject to the limitations of article XIV deleted text end ;

(f) to promote forestation and prevent and abate forest fires, including the
compulsory clearing and improving of wild lands whether public or private;

(g) to construct, improve and operate airports and other air navigation facilities;

(h) to develop the state's agricultural resources by extending credit on real estate
security in the manner and on the terms and conditions prescribed by law;

(i) to improve and rehabilitate railroad rights-of-way and other rail facilities whether
public or private, provided that bonds issued and unpaid shall not at any time exceed
$200,000,000 par value; and

(j) as otherwise authorized in this constitution.

As authorized by law political subdivisions may engage in the works permitted by
(f), (g), and (i) and contract debt therefor.

Sec. 2. new text begin SUBMISSION TO VOTERS.
new text end

new text begin The proposed amendment must be submitted to the people at the 2008 general
election. The question submitted must be:
new text end

new text begin "Shall the Minnesota Constitution be amended to permit the use of state general
obligation bonds as an additional revenue source for trunk highway funding?
new text end

new text begin Yes ....... new text end

new text begin No ......." new text end