HF 2674

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

A bill for an act
relating to highways; appropriating money for fracture-critical bridge
replacement; authorizing sale of trunk highway or general obligation bonds
depending on adoption of a constitutional amendment.

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

Section 1. new text begin APPROPRIATION; BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $....... is appropriated from the bond proceeds
account in the trunk highway fund or the bond proceeds fund, as specified in subdivisions
2 and 3, to the commissioner of transportation, for replacement of all bridges in the trunk
highway system that are classified as fracture-critical and functionally obsolete.
new text end

new text begin Subd. 2. new text end

new text begin Trunk highway bond sale authorization. new text end

new text begin (a) To provide the money
appropriated in subdivision 1 from the bond proceeds account in the trunk highway fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$....... 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 (b) This subdivision expires for the issuance and sale of any additional trunk
highway bonds on the effective date of a constitutional amendment that allows bonds sold
and issued under the Minnesota Constitution, article XI, section 5, paragraph (a), to be
used for trunk highway purposes under the Minnesota Constitution, article XIV, if the
amendment is adopted by the people at the 2008 general election.
new text end

new text begin Subd. 3. new text end

new text begin General obligation bond sale authorization. new text end

new text begin (a) To provide the money
appropriated by subdivision 1 from the bond proceeds fund, the commissioner of finance
shall sell and issue bonds of the state in an amount up to $....... 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

new text begin (b) This subdivision is effective on or after the effective date of a constitutional
amendment that allows bonds sold and issued under the Minnesota Constitution, article
XI, section 5, paragraph (a), to be used for trunk highway purposes under the Minnesota
Constitution, article XIV, if the amendment is adopted by the people at the 2008 general
election.
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