SF 2392

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

A bill for an act
relating to transportation; authorizing general obligation bonds and appropriating
funds for town road signs.

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

Section 1. new text begin APPROPRIATION AND BOND SALE AUTHORIZATION; TOWN
ROAD SIGN REPLACEMENT PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $50,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for the town road sign replacement program
established in Laws 2005, First Special Session chapter 6, article 3, section 89. This
appropriation may be used to (1) purchase and install new signs, and (2) satisfy any local
matching requirement for the receipt of federal funds. This appropriation is in addition to
funds appropriated in Laws 2007, chapter 143, article 1, section 3, subdivision 6.
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 fund, the commissioner of management and budget shall sell and
issue bonds of the state in an amount up to $50,000,000 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