SF 2501

as introduced - 87th Legislature (2011 - 2012) Posted on 03/20/2012 09:02am

A bill for an act
relating to highways; authorizing sale and issuance of trunk highway bonds;
appropriating money for infrastructure improvements attendant to construction
on marked Trunk Highway 44 in Caledonia.

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

Section 1. new text begin HIGHWAY APPROPRIATION AND BOND SALE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $750,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for a grant to
the city of Caledonia for lighting, walking paths, overhead safety lighting at pedestrian
crossings, and other improvements attendant to construction work being performed on
marked Trunk Highway 44 in the city of Caledonia.
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 $750,000 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