SF 2632

as introduced - 92nd Legislature (2021 - 2022) Posted on 08/03/2022 08:22am

A bill for an act
relating to capital investment; appropriating money for an interchange at Trunk
Highway 14 and County State-Aid Highway 44; authorizing the issuance of state
bonds.

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

Section 1. new text begin OLMSTED COUNTY; TRUNK HIGHWAY 14 AND COUNTY
STATE-AID HIGHWAY 44.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $4,300,000 is appropriated from the bond proceeds fund
to the commissioner of transportation for a grant to Olmsted County for the county's share
of general obligation bond eligible portions of a project to conduct environmental analysis,
predesign, design, engineer, acquire right-of-way, construct, furnish, and equip an interchange
at marked Trunk Highway 14 and County State-Aid Highway 44, including a flyover at 7th
Street NW, in Olmsted County, and associated infrastructure and road work to accommodate
the interchange.
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 bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $4,300,000 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

Sec. 2. new text begin OLMSTED COUNTY; TRUNK HIGHWAY 14 AND COUNTY STATE-AID
HIGHWAY 44.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $17,460,000 is appropriated from the trunk highway
fund to the commissioner of transportation to acquire property and to conduct environmental
analysis, predesign, design, engineer, acquire right-of-way, construct, furnish, and equip
an interchange at marked Trunk Highway 14 and County State-Aid Highway 44, including
the flyover at 7th Street NW, in Olmsted County, and associated infrastructure and road
work to accommodate the interchange.
new text end

new text begin Subd. 2. new text end

new text begin Trunk highway 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 $17,460,000
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 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