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 up to 1.3 $2,524,000 in state trunk highway bonds for the East 1.4 Two Rivers project near the city of Tower; 1.5 appropriating money. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. [APPROPRIATION.] 1.8 $2,524,000, or so much thereof as the commissioner of 1.9 transportation determines is necessary, is appropriated to the 1.10 commissioner of transportation from the bond proceeds account in 1.11 the trunk highway fund for the state share of the East Two 1.12 Rivers project in or near the city of Tower, including 1.13 replacement of the marked Trunk Highway 169 bridge over East Two 1.14 Rivers, demolition of the present marked Trunk Highway 135 1.15 bridge over East Two Rivers, and rerouting of marked Trunk 1.16 Highway 135, and associated trunk highway construction and 1.17 reconstruction. The commissioner shall not undertake this 1.18 project unless the commissioner determines that the project is 1.19 essential to the restoration of deepwater access between the 1.20 city of Tower and Lake Vermilion, and that all other essential 1.21 steps to restore that access have been or will be taken. 1.22 Sec. 2. [BOND SALE AUTHORIZATION.] 1.23 To provide the money appropriated in this act from the 1.24 trunk highway bond proceeds fund, the commissioner of finance 1.25 shall sell and issue bonds of the state in an amount up to 2.1 $2,524,000 in the manner, upon the terms, and with the effect 2.2 prescribed by Minnesota Statutes, sections 167.50 to 167.52, and 2.3 by the Minnesota Constitution, article XIV, section 11, at the 2.4 times and in the amounts requested by the commissioner of 2.5 transportation. The proceeds of the bonds, except accrued 2.6 interest and any premium received on the sale of the bonds, must 2.7 be credited to a bond proceeds account in the trunk highway fund.