SF 938

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:30am

A bill for an act
relating to capital investment; appropriating money for airport runway
preservation; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin AIRPORT RUNWAY PRESERVATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $6,000,000 is appropriated from the bond
proceeds fund to the commissioner of transportation for capital assistance grants under
Minnesota Statutes, section 360.305, to rehabilitate and modernize deteriorated runway
pavement at publicly owned airports.
new text end

new text begin (b) For any airport project where only state and local money is to be used, money
from this appropriation may be used to pay the local contribution required by Minnesota
Statutes, section 360.305, subdivision 4, in addition to the other project costs. Priority
must be given to airports with a runway pavement condition index of 56 or less.
new text end

new text begin (c) For any airport project where federal, state, and local money is to be used, money
from this appropriation shall be used only to pay the local contribution required by
Minnesota Statutes, section 360.305, subdivision 4.
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 fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $6,000,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
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