SF 1217

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to highways; authorizing counties to sell 
  1.3             county state-aid highway bonds for construction of 
  1.4             buildings and other facilities for the maintenance of 
  1.5             county state-aid highways; amending Minnesota Statutes 
  1.6             1996, section 162.181, subdivisions 1 and 3. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1996, section 162.181, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [LIMITATION ON AMOUNT.] Except as otherwise 
  1.11  provided herein, any county may, in accordance with chapter 475, 
  1.12  issue and sell its obligations, the total amount thereof not to 
  1.13  exceed the total of the preceding two years state-aid 
  1.14  allotments, for the purpose of establishing, locating, 
  1.15  relocating, constructing, reconstructing, and improving county 
  1.16  state-aid highways therein and constructing buildings and other 
  1.17  facilities for maintaining county state-aid highways.  In the 
  1.18  resolution providing for the issuance of the obligations, the 
  1.19  county board of the county shall irrevocably pledge and 
  1.20  appropriate to the sinking fund from which the obligations are 
  1.21  payable, an amount of the moneys money allotted or to be 
  1.22  allotted to the county from its account in the county state-aid 
  1.23  highway fund sufficient to pay the principal of and the interest 
  1.24  on the obligations as they respectively come due.  The 
  1.25  obligations shall be issued in the amounts and on terms such 
  1.26  that the amount of principal and interest due in any calendar 
  2.1   year on the obligations, including any similar obligations of 
  2.2   the county which are outstanding, shall not exceed 50 percent of 
  2.3   the amount of the last annual allotment preceding the bond issue 
  2.4   received by the county from the construction account in the 
  2.5   county state-aid highway fund.  All interest on the obligations 
  2.6   shall be paid out of the county's normal maintenance account in 
  2.7   the county state-aid highway fund.  The obligations may be made 
  2.8   general obligations, but if moneys money of the county other 
  2.9   than moneys money received from the county state-aid highway 
  2.10  fund, are used for payment of the obligations, the moneys money 
  2.11  so used shall be restored to the appropriate fund from 
  2.12  the moneys money next received by the county from the 
  2.13  construction or maintenance account in the county state-aid 
  2.14  highway fund which are not required to be paid into a sinking 
  2.15  fund for obligations. 
  2.16     Sec. 2.  Minnesota Statutes 1996, section 162.181, 
  2.17  subdivision 3, is amended to read: 
  2.18     Subd. 3.  [PROCEEDS TO BE USED FOR SPECIFIC PURPOSES.] 
  2.19  Moneys Money received from the sale of the obligations and spent 
  2.20  for the establishment, location, relocation, construction, 
  2.21  reconstruction, and improvement of county state-aid highways 
  2.22  within the county shall be spent only in accordance with other 
  2.23  provisions of law and the rules of the transportation 
  2.24  commissioner relating to the establishment, location, 
  2.25  relocation, construction, reconstruction, and improvement of 
  2.26  county state-aid highways within the county issuing the 
  2.27  obligations those purposes. 
  2.28     Sec. 3.  [EFFECTIVE DATE.] 
  2.29     Sections 1 and 2 are effective the day following final 
  2.30  enactment.