SF 2835

as introduced - 91st Legislature (2019 - 2020) Posted on 04/25/2019 09:04am

A bill for an act
relating to capital investment; appropriating money for marked Trunk Highway
316 improvements in Hastings; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MARKED TRUNK HIGHWAY 316 IMPROVEMENTS;
APPROPRIATION AND BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $2,550,000 in fiscal year 2020 is appropriated from the
bond proceeds account in the trunk highway fund to the commissioner of transportation for
a grant to the city of Hastings to pay the local share of design, engineering, and construction
costs of improvements to marked Trunk Highway 316 within the Hastings city limits.
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 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 $2,550,000 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