HF 2872

as introduced - 86th Legislature (2009 - 2010) Posted on 02/10/2010 03:36pm

A bill for an act
relating to highways; authorizing issuance and sale of trunk highway bonds;
appropriating money to reconstruct highway 371 between the cities of Nisswa
and Jenkins.

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

Section 1. new text begin HIGHWAY 371 RECONSTRUCTION; APPROPRIATION;
BONDING.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $11,100,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation to reconstruct
marked Trunk Highway 371 between the cities of Nisswa and Jenkins, including the
design and land acquisition for utility and local road infrastructure improvements and
enhancements needed as a result of the highway reconstruction.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in subdivision 1 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 $11,100,000 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

new text begin EFFECTIVE DATE. new text end

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