SF 1617

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to highways; appropriating money to match federal funds for highway
purposes; authorizing sale of trunk highway bonds; establishing Minnesota
highway trust account in the trunk highway fund; proposing coding for new
law in Minnesota Statutes, chapter 167.

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

Section 1. new text begin FEDERAL-MATCH HIGHWAY PROJECTS.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $16,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation as follows:
new text end

new text begin (1) $6,000,000 to match federal funds and to accelerate by two years the marked
Trunk Highway 53 project to the year 2010;
new text end

new text begin (2) $2,000,000 to match federal funds and to accelerate by two years a marked
Trunk Highway 169 project to the year 2011;
new text end

new text begin (3) $2,000,000 to match federal funds and to accelerate by two years an additional
marked Trunk Highway 169 project to the year 2010; and
new text end

new text begin (4) $6,000,000 to match federal funds for the marked Trunk Highway 610 project.
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 act from the trunk
highway fund, the commissioner of finance shall sell and issue bonds of the state in an
amount up to $16,000,000 in the manner, upon 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 of the bonds, except accrued interest and any premium
received on the sales of the bonds, must be credited to a bond proceeds account in the
trunk highway fund.
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

Sec. 2.

new text begin [167.53] MINNESOTA HIGHWAY TRUST ACCOUNT.
new text end

new text begin (a) The Minnesota highway trust account is established in the Minnesota trunk
highway fund. The account consists of federal highway aid and matching state
appropriations for specific designated highway projects not currently being expended for
those highway projects.
new text end

new text begin (b) If the commissioner of transportation certifies to the Minnesota State Board of
Investment that money in the account is not required for immediate use, the board may
invest the certified amount as other highway funds are invested under section 11A.21,
subject to section 11A.25.
new text end

new text begin (c) Any interest, premiums, dividends, or other investment proceeds pursuant to
paragraph (b) must be deposited in the trust account.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2007.
new text end