SF 2399

as introduced - 92nd Legislature (2021 - 2022) Posted on 10/13/2021 03:09pm

A bill for an act
relating to transportation; capital investment; appropriating money for the Rondo
Land Bridge project; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin RONDO LAND BRIDGE; APPROPRIATION AND BOND SALE
AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation; Rondo Land Bridge. new text end

new text begin (a) $458,900,000 is appropriated
from the bond proceeds account in the trunk highway fund to the commissioner of
transportation for predesign, design, engineering, environmental review, land acquisition,
and construction of a land bridge cap over marked Interstate Highway 94 in a portion of
the segment from Lexington Avenue to approximately Rice Street in St. Paul.
new text end

new text begin (b) The amount appropriated in paragraph (a) is reduced by the total amount of funds
that the commissioner determines is committed for the project from federal, local, and
private sources. The commissioner must consult with the commissioner of management
and budget on any reduction to the appropriation amount and must notify the chairs and
ranking minority members of the legislative committees with jurisdiction over transportation
policy and finance and capital investment regarding a reduction.
new text end

new text begin (c) The project specified in this subdivision is a highway purpose within the meaning
of the Minnesota Constitution, article XIV.
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 $458,900,000 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