SF 121

as introduced - 89th Legislature (2015 - 2016) Posted on 01/16/2015 09:05am

A bill for an act
relating to transportation; appropriating money for reconstruction of marked
Trunk Highway 14; 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 MARKED TRUNK HIGHWAY 14; APPROPRIATION AND BOND
SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $160,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for construction
and reconstruction of marked Trunk Highway 14 as a four-lane divided highway, from the
interchange with marked Interstate Highway 35 near the city of Owatonna to the point
near the city of Dodge Center at which marked Trunk Highway 14 constitutes a four-lane
divided highway, located southeast of the intersection with marked Trunk Highway 56.
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 $160,000,000 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

new text begin EFFECTIVE DATE. new text end

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