SF 2274

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:36pm

A bill for an act
relating to capital investment; appropriating money for local bridges; authorizing
the sale and issuance of state bonds.

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

Section 1. new text begin LOCAL BRIDGE REPLACEMENT AND REHABILITATION.
new text end

new text begin Subdivision 1. new text end

new text begin Local bridge replacement and rehabilitation. new text end

new text begin $....... is
appropriated from the bond proceeds account in the state transportation fund as provided
in Minnesota Statutes, section 174.50, to the commissioner of transportation for matching
federal funds and replacement or rehabilitation of local bridges under Minnesota Statutes,
section 174.50.
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 section from the
state transportation fund, the commissioner of management and budget shall sell and
issue bonds of the state in an amount up to $....... 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. The proceeds of the bonds, except
accrued interest and any premium received on the sale of the bonds, must be credited to
a bond proceeds account in the state transportation 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