HF 2837

as introduced - 91st Legislature (2019 - 2020) Posted on 04/12/2019 08:48am

A bill for an act
relating to transportation; capital investment; appropriating money for the corridors
of commerce program; authorizing the sale and issuance of trunk highway bonds.

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

Section 1. new text begin CORRIDORS OF COMMERCE; APPROPRIATION AND TRUNK
HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin (a) $400,000,000 is appropriated from the bond proceeds account in the trunk highway
fund to the commissioner of transportation for the corridors of commerce program under
Minnesota Statutes, section 161.088.
new text end

new text begin (b) To provide the money appropriated in paragraph (a) from the bond proceeds account
in the trunk highway fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $400,000,000 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