SF 515

as introduced - 89th Legislature (2015 - 2016) Posted on 02/03/2015 08:42am

A bill for an act
relating to transportation; capital investment; appropriating money for an
interchange on marked U.S. Highway 14 near New Ulm; authorizing the sale
and issuance of state bonds.

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

Section 1. new text begin U.S. HIGHWAY 14 INTERCHANGE; APPROPRIATION AND
TRUNK HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $47,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for design,
engineering, right-of-way acquisition, and construction of an interchange at marked U.S.
Highway 14, marked Trunk Highway 15, and Nicollet County State-Aid Highway 21,
east of New Ulm.
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 $47,000,000 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