SF 1996

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

A bill for an act
relating to highways; authorizing issuance of state
bonds for improvements to County Road J and Airport
Road, including lane addition and noise barrier;
appropriating money.

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

Section 1. new text begin APPROPRIATIONS.
new text end

new text begin $17,000,000 from the bond proceeds account in the trunk
highway fund and $6,500,000 from the state bond proceeds fund
are appropriated to the commissioner of transportation for
improvements to County Road J and Airport Road between U.S.
Highway 10 and Naples/Rice Creek Parkway and for a lane addition
and noise barrier to a portion of U.S. Highway 10 between
Airport Road and Interstate Highway 35W.
new text end

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

new text begin Subdivision 1. new text end

new text begin Trunk highway bonds. new text end

new text begin To provide the money
appropriated in 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 $17,000,000 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, at the times
and in the amounts requested by the commissioner of
transportation. The proceeds of the bonds, except accrued
interest and any premium received from the sale of the bonds,
must be deposited in the bond proceeds account in the trunk
highway fund.
new text end

new text begin Subd. 2. new text end

new text begin State bonds. new text end

new text begin To provide the money appropriated
in this act from the state bond proceeds fund, the commissioner
of finance, on request of the governor, shall sell and issue
bonds of the state in an amount up to $6,500,000 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