SF 2792

as introduced - 90th Legislature (2017 - 2018) Posted on 03/02/2018 09:01am

A bill for an act
relating to capital investment; appropriating money for local roads and bridges;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin LOCAL ROADS AND BRIDGES.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $50,000,000 is appropriated from the bond proceeds
account in the state transportation fund to the commissioner of transportation for the purposes
of this subdivision.
new text end

new text begin (b) $25,000,000 of this appropriation is to match federal money and to replace or
rehabilitate local deficient bridges as provided in Minnesota Statutes, section 174.50.
new text end

new text begin (c) $25,000,000 of this appropriation is for trunk highway corridor projects under
Minnesota Statutes, section 174.52, subdivision 2, for construction and reconstruction of
local roads with statewide or regional significance under Minnesota Statutes, section 174.52,
subdivision 4, or for grants to counties to assist in paying the costs of rural road safety
capital improvement projects on county state-aid highways under Minnesota Statutes, section
174.52, subdivision 4a.
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 state
transportation 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