SF 2042

as introduced - 89th Legislature (2015 - 2016) Posted on 04/10/2015 09:15am

A bill for an act
relating to transportation; capital investment; appropriating money for a portion
of costs to reconstruct a segment of marked U.S. Highway 61 in Red Wing;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MARKED U.S. HIGHWAY 61; APPROPRIATION AND TRUNK
HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $3,382,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for State Project
No. 2514-122, consisting of engineering and reconstruction of the segment of marked
U.S. Highway 61 in Red Wing, from westerly of Old West Main Street to easterly of
Potter Street. Of this amount, $1,305,000 is for costs in excess of the engineer's estimate
and the remainder is for additional project features, including improvements to sidewalks,
parking, lighting, storm sewers, accessibility, signals, and for associated program delivery.
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 subdivision 1 from the
bond proceeds account in the trunk highway fund, the commissioner of management and
budget shall sell and issue bonds of the state in an amount up to $3,382,000 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, 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 EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end