as introduced - 86th Legislature (2009 - 2010) Posted on 03/03/2010 04:40pm
A bill for an act
relating to highways; authorizing issuance and sale of trunk highway bonds;
appropriating money for interchange construction.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$20,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for construction
of interchanges involving a trunk highway, where the interchange will promote economic
development, increase employment, relieve growing traffic congestion, and promote
traffic safety. This amount must be allocated 50 percent to the department's metropolitan
district, and 50 percent to districts in greater Minnesota.
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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
$20,000,000 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.
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This section is effective the day following final enactment.
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