SF 1172

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; appropriating money
for construction of overpass on I-35; authorizing
issuance of state trunk highway bonds.

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

Section 1. new text begin APPROPRIATION; I-35 OVERPASS.
new text end

new text begin $4,000,000 is appropriated from the bond proceeds account
in the trunk highway fund to the commissioner of transportation
for construction of an overpass on marked Interstate Highway 35
at its intersection with 11th Avenue in Forest Lake.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated by section 1 from the
bond proceeds account in the trunk highway fund, the
commissioner of finance shall sell and issue bonds of the state
in an amount up to $4,000,000 in the manner, on 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. The proceeds from the bonds, except accrued
interest and any premium received on the sale of the bonds, must
be credited to the bond proceeds account in the trunk highway
fund.
new text end