SF 2537

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; authorizing spending to acquire and better
public land and buildings and other public improvements of a capital nature;
authorizing the issuance of general obligation bonds; appropriating money for a
grant to the city of Faribault for local road improvements.

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

Section 1. new text begin APPROPRIATION; FARIBAULT; LOCAL ROAD IMPROVEMENTS.
new text end

new text begin $1,800,000 is appropriated from the bond proceeds fund to the commissioner of
transportation for the local road improvement program under Minnesota Statutes, section
174.52, for a grant to the city of Faribault to make safety and capacity improvements to
the local roads adjacent to marked Trunk Highway 60 between 30th Avenue NW and
Canby Avenue in Faribault. This appropriation is not available until the commissioner
of finance has determined that at least an equal amount is committed to the project from
nonstate sources.
new text end

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated by section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$1,800,000 in the manner, on 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

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective the day following final enactment.
new text end