HF 3845

as introduced - 89th Legislature (2015 - 2016) Posted on 04/07/2016 02:54pm

A bill for an act
relating to transportation; capital investment; appropriating money for an
expansion project of marked Trunk Highway 11; authorizing the sale and
issuance of trunk highway bonds.

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

Section 1. TRUNK HIGHWAY 11 OVERPASS; EXPANSION PROJECT.

Subdivision 1.

Appropriation.

$700,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for expansion of
the Trunk Highway 11 overpass of the Canadian National rail line in the city of Ranier.

Subd. 2.

Bond sale.

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 $700,000 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.

EFFECTIVE DATE.

This section is effective the day following final enactment.