HF 4431

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/29/2024 02:57pm

A bill for an act
relating to transportation; 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.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $300,000,000 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. The commissioner may
use up to 17 percent of the amount for program delivery.
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 this section from the bond
proceeds account in the trunk highway fund, the commissioner of management and budget
must sell and issue bonds of the state in an amount up to $300,000,000 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