SF 1431

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

  1.1                          A bill for an act 
  1.2             relating to highways; authorizing issuance of trunk 
  1.3             highway bonds for improvements to I-494; appropriating 
  1.4             money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [APPROPRIATION FOR I-494 HIGHWAY IMPROVEMENTS.] 
  1.7      $154,000,000 is appropriated to the commissioner of 
  1.8   transportation from the bonds proceeds account in the trunk 
  1.9   highway fund to be spent for trunk highway improvements as 
  1.10  follows: 
  1.11     (1) $70,000,000 is for the expansion and reconstruction of 
  1.12  marked interstate highway 494 (I-494) from marked trunk highway 
  1.13  212 to marked interstate highway 394; and 
  1.14     (2) $84,000,000 is for reconstruction of the interchanges 
  1.15  between I-494 and marked trunk highway 169, and between I-494 
  1.16  and Pioneer Trail/Anderson Lakes. 
  1.17     Sec. 2.  [BOND AUTHORIZATION.] 
  1.18     To provide the money appropriated in this act from the 
  1.19  trunk highway fund, the commissioner of finance shall sell and 
  1.20  issue bonds of the state in an amount up to $154,000,000 in the 
  1.21  manner, on the terms, and with the effect prescribed by 
  1.22  Minnesota Statutes, sections 167.50 to 167.52, and by the 
  1.23  Minnesota Constitution, article XIV, section 11, at the times 
  1.24  and in the amounts requested by the commissioner of 
  1.25  transportation.  The proceeds of the bonds, except accrued 
  2.1   interest and any premium received on the sale of the bonds, must 
  2.2   be credited to the trunk highway fund. 
  2.3      Sec. 3.  [EFFECTIVE DATE.] 
  2.4      Sections 1 and 2 are effective the day following final 
  2.5   enactment.