SF 386

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:49am

A bill for an act
relating to highways; appropriating money for trunk highway construction to
promote economic development; authorizing sale and issuance of trunk highway
bonds.

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

Section 1. new text begin TRUNK HIGHWAY CONSTRUCTION PROMOTING ECONOMIC
DEVELOPMENT; APPROPRIATION, BONDING.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $100,000,000 is appropriated from the bond
proceeds account in the trunk highway fund to the commissioner of transportation for the
construction of trunk highways, where newly constructed roadway will promote economic
development, increase employment, relieve growing traffic congestion, and connect two or
more principal arterials. The amount under this subdivision must be allocated 50 percent
to the department's metropolitan district, and 50 percent to districts in greater Minnesota.
This appropriation is in addition to existing appropriations for the same purpose.
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 $100,000,000 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