SF 520

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; authorizing issuance 
  1.3             of state bonds; appropriating money for a segment of 
  1.4             county state-aid highway 42 in Dakota county. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CSAH 42 IN DAKOTA COUNTY; APPROPRIATION.] 
  1.7      $7,000,000 is appropriated from the bond proceeds account 
  1.8   in the transportation fund to the commissioner of transportation 
  1.9   for construction of phases 1 and 2 of the segment 8 
  1.10  implementation plan to improve county state-aid highway 42 from 
  1.11  its intersection with county state-aid highway 5 in Dakota 
  1.12  county to its intersection with the border of Dakota county and 
  1.13  Scott county. 
  1.14     Sec. 2.  [BOND SALE.] 
  1.15     To provide the money appropriated in section 1 from the 
  1.16  transportation fund, the commissioner of finance shall sell and 
  1.17  issue bonds of the state in an amount up to $7,000,000 in the 
  1.18  manner, upon the terms, and with the effect prescribed by 
  1.19  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.20  Minnesota Constitution, article XI, sections 4 to 7.  The 
  1.21  proceeds of the bonds, except proceeds accrued by interest and 
  1.22  any premium received on the sales of the bonds, must be credited 
  1.23  to a bond proceeds account in the state transportation fund.