SF 3544

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; removing authority 
  1.3             of the governor to control the sale of state bonds and 
  1.4             certificates of indebtedness; amending Minnesota 
  1.5             Statutes 1998, sections 16A.642, subdivision 1; 
  1.6             16A.67, subdivision 1; and 16A.671, subdivisions 1 and 
  1.7             2; Laws 1984, chapter 597, section 22; Laws 1987, 
  1.8             chapter 400, section 25, subdivisions 1 and 5; Laws 
  1.9             1989, chapter 300, article 1, section 23, subdivision 
  1.10            1; Laws 1990, chapter 610, article 1, section 30; Laws 
  1.11            1991, chapter 354, article 11, section 2, subdivision 
  1.12            1; Laws 1992, chapter 558, section 28; Laws 1994, 
  1.13            chapter 639, article 3, section 5; Laws 1994, chapter 
  1.14            643, section 31; Laws 1995, First Special Session 
  1.15            chapter 2, article 1, section 14; Laws 1996, chapter 
  1.16            463, section 27; Laws 1997, chapter 246, section 10; 
  1.17            Laws 1998, chapter 404, section 27; Laws 1999, chapter 
  1.18            240, article 1, section 13; and Laws 1999, chapter 
  1.19            240, article 2, section 16. 
  1.20  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.21     Section 1.  Minnesota Statutes 1998, section 16A.642, 
  1.22  subdivision 1, is amended to read: 
  1.23     Subdivision 1.  [REPORTS.] (a) The commissioner of finance 
  1.24  shall report to the chairs of the senate committee on finance 
  1.25  and the house of representatives committees on ways and means 
  1.26  and on capital investment by February 1 of each odd-numbered 
  1.27  year on the following: 
  1.28     (1) all laws authorizing the issuance of state bonds for 
  1.29  state or local government building projects enacted more than 
  1.30  five years before February 1 of that odd-numbered year; the 
  1.31  projects authorized to be acquired and constructed with the bond 
  1.32  proceeds for which less than 100 percent of the authorized total 
  2.1   cost has been expended, encumbered, or otherwise obligated; the 
  2.2   cost of contracts to be let in accordance with existing plans 
  2.3   and specifications shall be considered expended for this report; 
  2.4   and the amount of bonds not issued and bond proceeds held but 
  2.5   not previously expended, encumbered, or otherwise obligated for 
  2.6   these projects; and 
  2.7      (2) all laws authorizing the issuance of state bonds for 
  2.8   state or local government programs or projects other than those 
  2.9   described in clause (1), enacted more than five years before 
  2.10  February 1 of that odd-numbered year; and the amount of bonds 
  2.11  not issued and bond proceeds held but not previously expended, 
  2.12  encumbered, or otherwise obligated for these programs and 
  2.13  projects. 
  2.14     (b) The commissioner shall also report on bond 
  2.15  authorizations or bond proceed balances that may be canceled 
  2.16  because projects have been canceled, completed, or otherwise 
  2.17  concluded, or because the purposes for which the bonds were 
  2.18  authorized or issued have been canceled, completed, or otherwise 
  2.19  concluded.  The bond authorizations or bond proceed balances 
  2.20  that are unencumbered or otherwise not obligated that are 
  2.21  reported by the commissioner under this subdivision are 
  2.22  canceled, effective July 1 of the year of the report, unless 
  2.23  specifically reauthorized by act of the legislature. 
  2.24     Sec. 2.  Minnesota Statutes 1998, section 16A.67, 
  2.25  subdivision 1, is amended to read: 
  2.26     Subdivision 1.  [AUTHORIZATION.] The commissioner of 
  2.27  finance, upon request of the governor, is authorized to sell and 
  2.28  issue state bonds to fund the judgment rendered against the 
  2.29  state by the Minnesota supreme court in Cambridge State Bank et 
  2.30  al. v. James, 514 N.W. 2d 565, on April 1, 1994, and related 
  2.31  claims, and interest accrued on the judgment and related claims, 
  2.32  to fund any bond reserve determined to be necessary, and to pay 
  2.33  costs of issuance of the bonds.  The proceeds of the bonds are 
  2.34  appropriated for these purposes.  The principal amount of the 
  2.35  bonds shall not exceed $400,000,000.  The bonds shall be sold 
  2.36  and issued upon such terms and in such manner as the 
  3.1   commissioner shall determine to be in the best interests of the 
  3.2   state.  The final maturity of the bonds shall be not later than 
  3.3   June 30, 2005. 
  3.4      Sec. 3.  Minnesota Statutes 1998, section 16A.671, 
  3.5   subdivision 1, is amended to read: 
  3.6      Subdivision 1.  [AUTHORITY; ADVISORY RECOMMENDATION.] To 
  3.7   ensure that cash is available when needed to pay warrants drawn 
  3.8   on the general fund under appropriations and allotments, the 
  3.9   governor may authorize the commissioner may (1) to issue 
  3.10  certificates of indebtedness in anticipation of the collection 
  3.11  of taxes levied for and other revenues appropriated to the 
  3.12  general fund for expenditure during each biennium; and (2) to 
  3.13  issue additional certificates to refund outstanding certificates 
  3.14  and interest on them, under the constitution, article XI, 
  3.15  section 6.  
  3.16     Sec. 4.  Minnesota Statutes 1998, section 16A.671, 
  3.17  subdivision 2, is amended to read: 
  3.18     Subd. 2.  [ADVISORY RECOMMENDATION.] Before certificates 
  3.19  are initially sold by any of the methods authorized in 
  3.20  subdivision 6, the governor commissioner shall seek the advisory 
  3.21  recommendation of the legislative advisory commission, or if 
  3.22  there is no commission, the executive council, on (1) the 
  3.23  necessity of issuing them, (2) the terms and conditions of the 
  3.24  sale, and (3) the maximum amount to be issued and outstanding 
  3.25  under the authorization.  If the commission or council does not 
  3.26  make a recommendation promptly, the recommendation is negative.  
  3.27  An additional recommendation is not required for refunding 
  3.28  outstanding certificates or for each issuance of certificates in 
  3.29  accordance with an approved line of credit, underwriting, or 
  3.30  placement agreement. 
  3.31     Sec. 5.  Laws 1984, chapter 597, section 22, is amended to 
  3.32  read: 
  3.33     Sec. 22.  [TRANSPORTATION BONDS.] 
  3.34     To provide the money appropriated in this act from the 
  3.35  state transportation fund the commissioner of finance upon 
  3.36  request of the governor shall sell and issue bonds of the state 
  4.1   in an amount up to $16,000,000 in the manner, upon the terms, 
  4.2   and with the effect prescribed by Minnesota Statutes, sections 
  4.3   174.50, 174.51, and by the Constitution, article XI, sections 4 
  4.4   to 7.  
  4.5      Sec. 6.  Laws 1987, chapter 400, section 25, subdivision 1, 
  4.6   is amended to read: 
  4.7      Subdivision 1.  [BUILDING FUND.] To provide the money 
  4.8   appropriated in this act from the state building fund the 
  4.9   commissioner of finance on request of the governor shall sell 
  4.10  and issue bonds of the state in an amount up to $370,972,200 in 
  4.11  the manner, upon the terms, and with the effect prescribed by 
  4.12  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  4.13  Minnesota Constitution, article XI, sections 4 to 7.  
  4.14     Sec. 7.  Laws 1987, chapter 400, section 25, subdivision 5, 
  4.15  is amended to read: 
  4.16     Subd. 5.  [WATER POLLUTION CONTROL FUND.] To provide the 
  4.17  money appropriated in this act from the water pollution control 
  4.18  fund the commissioner of finance on request of the governor 
  4.19  shall sell and issue bonds of the state in an amount up to 
  4.20  $66,747,000 in the manner, upon the terms, and with the effect 
  4.21  prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, 
  4.22  and by the Minnesota Constitution, article XI, sections 4 to 7. 
  4.23  The proceeds of the bonds, except accrued interest and any 
  4.24  premium received on the sale of the bonds, must be credited to a 
  4.25  bond proceeds account in the water pollution control fund. 
  4.26     Sec. 8.  Laws 1989, chapter 300, article 1, section 23, 
  4.27  subdivision 1, is amended to read: 
  4.28     Subdivision 1.  [BUILDING FUND.] To provide the money 
  4.29  appropriated in this act from the state building fund the 
  4.30  commissioner of finance on request of the governor shall sell 
  4.31  and issue bonds of the state in an amount up to $142,585,000 in 
  4.32  the manner, upon the terms, and with the effect prescribed by 
  4.33  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  4.34  Minnesota Constitution, article XI, sections 4 to 7. 
  4.35     Sec. 9.  Laws 1990, chapter 610, article 1, section 30, is 
  4.36  amended to read: 
  5.1      Sec. 30.  [BOND SALE.] 
  5.2      Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  5.3   appropriated in this act from the state bond proceeds fund the 
  5.4   commissioner of finance, on request of the governor, shall sell 
  5.5   and issue bonds of the state in an amount up to $109,525,000 in 
  5.6   the manner, upon the terms, and with the effect prescribed by 
  5.7   Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  5.8   Minnesota Constitution, article XI, sections 4 to 7.  
  5.9      Subd. 2.  [INFRASTRUCTURE DEVELOPMENT FUND.] To provide the 
  5.10  money appropriated in this act from the infrastructure 
  5.11  development fund, the commissioner of finance, on request of the 
  5.12  governor, shall sell and issue bonds of the state in an amount 
  5.13  up to $243,665,000 in the manner, upon the terms, and with the 
  5.14  effect prescribed by Minnesota Statutes, sections 16A.631 to 
  5.15  16A.675, and by the Minnesota Constitution, article XI, sections 
  5.16  4 to 7. 
  5.17     Subd. 3.  [TRANSPORTATION FUND.] To provide the money 
  5.18  appropriated in this act from the state transportation fund, the 
  5.19  commissioner of finance, on request of the governor, shall sell 
  5.20  and issue bonds of the state in an amount up to $11,200,000 in 
  5.21  the manner, upon the terms, and with the effect prescribed by 
  5.22  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  5.23  Minnesota Constitution, article XI, sections 4 to 7.  The 
  5.24  proceeds of the bonds, except accrued interest and any premium 
  5.25  received on the sale of the bonds, must be credited to a bond 
  5.26  proceeds account in the state transportation fund. 
  5.27     Sec. 10.  Laws 1991, chapter 354, article 11, section 2, 
  5.28  subdivision 1, is amended to read: 
  5.29     Subdivision 1.  (a) To provide the money appropriated from 
  5.30  the bond proceeds fund in 1991 S.F. No. 1533, the commissioner 
  5.31  of finance on request of the governor shall sell and issue bonds 
  5.32  of the state in an amount up to $16,000,000 in the manner, upon 
  5.33  the terms, and with the effect prescribed by Minnesota Statutes, 
  5.34  sections 16A.631 to 16A.675, and by the Minnesota Constitution, 
  5.35  article XI. 
  5.36     (b) To provide the money appropriated from the bond 
  6.1   proceeds fund in this act, the commissioner of finance on 
  6.2   request of the governor shall sell and issue bonds of the state 
  6.3   in an amount up to $12,000,000 in the manner, upon the terms, 
  6.4   and with the effect prescribed by Minnesota Statutes, sections 
  6.5   16A.631 to 16A.675, and by the Minnesota Constitution, article 
  6.6   XI. 
  6.7      Sec. 11.  Laws 1992, chapter 558, section 28, is amended to 
  6.8   read: 
  6.9      Sec. 28.  [BOND SALE.] 
  6.10     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  6.11  appropriated in this act from the bond proceeds fund the 
  6.12  commissioner of finance, on request of the governor, shall sell 
  6.13  and issue bonds of the state in an amount up to $231,695,000 in 
  6.14  the manner, upon the terms, and with the effect prescribed by 
  6.15  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  6.16  Minnesota Constitution, article XI, sections 4 to 7.  
  6.17     Subd. 2.  [MAXIMUM EFFORT SCHOOL LOAN FUND.] To provide the 
  6.18  money appropriated in this act from the maximum effort school 
  6.19  loan fund, the commissioner of finance, on request of the 
  6.20  governor, shall sell and issue bonds of the state in an amount 
  6.21  up to $12,130,000 in the manner, upon the terms, and with the 
  6.22  effect prescribed by Minnesota Statutes, sections 16A.631 to 
  6.23  16A.675, and by the Minnesota Constitution, article XI, sections 
  6.24  4 to 7.  The proceeds of the bonds, except accrued interest and 
  6.25  any premium received on the sale of the bonds, must be credited 
  6.26  to a bond proceeds account in the maximum effort school loan 
  6.27  fund. 
  6.28     Subd. 3.  [TRANSPORTATION FUND.] To provide the money 
  6.29  appropriated in this act from the state transportation fund, the 
  6.30  commissioner of finance, on request of the governor, shall sell 
  6.31  and issue bonds of the state in an amount up to $17,500,000 in 
  6.32  the manner, upon the terms, and with the effect prescribed by 
  6.33  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  6.34  Minnesota Constitution, article XI, sections 4 to 7.  The 
  6.35  proceeds of the bonds, except accrued interest and any premium 
  6.36  received on the sale of the bonds, must be credited to a bond 
  7.1   proceeds account in the state transportation fund. 
  7.2      Sec. 12.  Laws 1994, chapter 639, article 3, section 5, is 
  7.3   amended to read: 
  7.4      Sec. 5.  [BOND SALE.] 
  7.5      (a) To provide the money appropriated in this act from the 
  7.6   state bond proceeds fund, the commissioner of finance, on 
  7.7   request of the governor, shall sell and issue bonds of the state 
  7.8   in an amount up to $90,000,000 in the manner, upon the terms, 
  7.9   and with the effect prescribed by Minnesota Statutes, sections 
  7.10  16A.631 to 16A.675, the Minnesota Constitution, article XI, 
  7.11  sections 4 to 7, and paragraph (b). 
  7.12     (b) Bonds may not be issued under this section in total 
  7.13  amounts exceeding the following: 
  7.14     (1) by June 30, 1996, $10,000,000; 
  7.15     (2) by June 30, 1998, $35,000,000; 
  7.16     (3) by June 30, 2000, $55,000,000; and 
  7.17     (4) by June 30, 2002, $75,000,000. 
  7.18     Sec. 13.  Laws 1994, chapter 643, section 31, is amended to 
  7.19  read: 
  7.20     Sec. 31.  [BOND SALE AUTHORIZATION.] 
  7.21     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  7.22  appropriated in this act from the bond proceeds fund the 
  7.23  commissioner of finance, on request of the governor, shall sell 
  7.24  and issue bonds of the state in an amount up to $573,385,000 in 
  7.25  the manner, upon the terms, and with the effect prescribed by 
  7.26  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  7.27  Minnesota Constitution, article XI, sections 4 to 7.  
  7.28     Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
  7.29  appropriated in this act from the state transportation fund, the 
  7.30  commissioner of finance, on request of the governor, shall sell 
  7.31  and issue general obligation bonds of the state in an amount up 
  7.32  to $45,000,000 in the manner, upon the terms, and with the 
  7.33  effect prescribed by Minnesota Statutes, sections 16A.631 to 
  7.34  16A.675, and by the Minnesota Constitution, article XI, sections 
  7.35  4 to 7.  The proceeds of the bonds, except accrued interest and 
  7.36  any premium received on the sale of the bonds, must be credited 
  8.1   to a bond proceeds account in the state transportation fund. 
  8.2      Subd. 3.  [MAXIMUM EFFORT SCHOOL LOAN FUND.] To provide the 
  8.3   money appropriated in this act from the maximum effort school 
  8.4   loan fund, the commissioner of finance, on request of the 
  8.5   governor, shall sell and issue bonds of the state in an amount 
  8.6   up to $2,970,000 in the manner, upon the terms, and with the 
  8.7   effect prescribed by Minnesota Statutes, sections 16A.631 to 
  8.8   16A.675, and by the Minnesota Constitution, article XI, sections 
  8.9   4 to 7.  The proceeds of the bonds, except accrued interest and 
  8.10  any premium received on the sale of the bonds, must be credited 
  8.11  to a bond proceeds account in the maximum effort school loan 
  8.12  fund. 
  8.13     Sec. 14.  Laws 1995, First Special Session chapter 2, 
  8.14  article 1, section 14, is amended to read: 
  8.15     Sec. 14.  [BOND SALE AUTHORIZATION.] 
  8.16     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  8.17  appropriated in this article from the bond proceeds fund, the 
  8.18  commissioner of finance, on request of the governor, shall sell 
  8.19  and issue bonds of the state in an amount up to $5,630,000 in 
  8.20  the manner, upon the terms, and with the effect prescribed by 
  8.21  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  8.22  Minnesota Constitution, article XI, sections 4 to 7. 
  8.23     Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
  8.24  appropriated in this article from the state transportation fund, 
  8.25  the commissioner of finance, on request of the governor, shall 
  8.26  sell and issue general obligation bonds of the state in an 
  8.27  amount up to $4,500,000 in the manner, upon the terms, and with 
  8.28  the effect prescribed by Minnesota Statutes, sections 16A.631 to 
  8.29  16A.675, and by the Minnesota Constitution, article XI, sections 
  8.30  4 to 7.  The proceeds of the bonds, except accrued interest and 
  8.31  any premium received on the sale of the bonds, must be credited 
  8.32  to a bond proceeds account in the state transportation fund. 
  8.33     Subd. 3.  [MAXIMUM EFFORT SCHOOL LOAN FUND.] To provide the 
  8.34  money appropriated by this article from the maximum effort 
  8.35  school loan fund, the commissioner of finance, on request of the 
  8.36  governor, shall sell and issue bonds of the state in an amount 
  9.1   up to $23,670,000 in the manner, on the terms, and with the 
  9.2   effect prescribed by Minnesota Statutes, sections 16A.631 to 
  9.3   16A.675, and by the Minnesota Constitution, article XI, sections 
  9.4   4 to 7.  The proceeds of the bonds, except accrued interest and 
  9.5   any premium received on the sale of the bonds, must be credited 
  9.6   to a bond proceeds account in the maximum effort school loan 
  9.7   fund. 
  9.8      Sec. 15.  Laws 1996, chapter 463, section 27, is amended to 
  9.9   read: 
  9.10     Sec. 27.  [BOND SALE AUTHORIZATIONS.] 
  9.11     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  9.12  appropriated in this act from the bond proceeds fund the 
  9.13  commissioner of finance, on request of the governor, shall sell 
  9.14  and issue bonds of the state in an amount up to $597,110,000 in 
  9.15  the manner, upon the terms, and with the effect prescribed by 
  9.16  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  9.17  Minnesota Constitution, article XI, sections 4 to 7.  
  9.18     Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
  9.19  appropriated in this act from the state transportation fund, the 
  9.20  commissioner of finance, on request of the governor, shall sell 
  9.21  and issue general obligation bonds of the state in an amount up 
  9.22  to $10,000,000 in the manner, upon the terms, and with the 
  9.23  effect prescribed by Minnesota Statutes, sections 16A.631 to 
  9.24  16A.675, and by the Minnesota Constitution, article XI, sections 
  9.25  4 to 7.  The proceeds of the bonds, except accrued interest and 
  9.26  any premium received on the sale of the bonds, must be credited 
  9.27  to a bond proceeds account in the state transportation fund. 
  9.28     Sec. 16.  Laws 1997, chapter 246, section 10, is amended to 
  9.29  read: 
  9.30     Sec. 10.  [BOND SALE AUTHORIZATIONS.] 
  9.31     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
  9.32  appropriated in this act from the bond proceeds fund the 
  9.33  commissioner of finance, on request of the governor, shall sell 
  9.34  and issue bonds of the state in an amount up to $86,625,000 in 
  9.35  the manner, upon the terms, and with the effect prescribed by 
  9.36  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 10.1   Minnesota Constitution, article XI, sections 4 to 7.  
 10.2      Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
 10.3   appropriated in this act from the state transportation fund, the 
 10.4   commissioner of finance, on request of the governor, shall sell 
 10.5   and issue general obligation bonds of the state in an amount up 
 10.6   to $3,000,000 in the manner, upon the terms, and with the effect 
 10.7   prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, 
 10.8   and by the Minnesota Constitution, article XI, sections 4 to 7.  
 10.9   The proceeds of the bonds, except accrued interest and any 
 10.10  premium received on the sale of the bonds, must be credited to a 
 10.11  bond proceeds account in the state transportation fund. 
 10.12     Sec. 17.  Laws 1998, chapter 404, section 27, is amended to 
 10.13  read: 
 10.14     Sec. 27.  [BOND SALE AUTHORIZATIONS.] 
 10.15     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
 10.16  appropriated in this act from the bond proceeds fund, the 
 10.17  commissioner of finance, on request of the governor, shall sell 
 10.18  and issue bonds of the state in an amount up to $463,795,000 in 
 10.19  the manner, upon the terms, and with the effect prescribed by 
 10.20  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 10.21  Minnesota Constitution, article XI, sections 4 to 7.  
 10.22     Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
 10.23  appropriated in this act from the transportation fund, the 
 10.24  commissioner of finance, on request of the governor, shall sell 
 10.25  and issue bonds of the state in an amount up to $34,000,000 in 
 10.26  the manner, upon the terms, and with the effect prescribed by 
 10.27  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 10.28  Minnesota Constitution, article XI, sections 4 to 7.  The 
 10.29  proceeds of the bonds, except accrued interest and any premium 
 10.30  received on the sale of the bonds, must be credited to a bond 
 10.31  proceeds account in the state transportation fund. 
 10.32     Sec. 18.  Laws 1999, chapter 240, article 1, section 13, is 
 10.33  amended to read: 
 10.34     Sec. 13.  [BOND SALE AUTHORIZATIONS.] 
 10.35     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
 10.36  appropriated in this article from the bond proceeds fund, the 
 11.1   commissioner of finance, on request of the governor, shall sell 
 11.2   and issue bonds of the state in an amount up to $139,510,000 in 
 11.3   the manner, upon the terms, and with the effect prescribed by 
 11.4   Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 11.5   Minnesota Constitution, article XI, sections 4 to 7. 
 11.6      Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
 11.7   appropriated in this article from the transportation fund, the 
 11.8   commissioner of finance, on request of the governor, shall sell 
 11.9   and issue bonds of the state in an amount up to $10,440,000 in 
 11.10  the manner, upon the terms, and with the effect prescribed by 
 11.11  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 11.12  Minnesota Constitution, article XI, sections 4 to 7.  The 
 11.13  proceeds of the bonds, except accrued interest and any premium 
 11.14  received on the sale of the bonds, must be credited to a bond 
 11.15  proceeds account in the state transportation fund. 
 11.16     Sec. 19.  Laws 1999, chapter 240, article 2, section 16, is 
 11.17  amended to read: 
 11.18     Sec. 16.  [BOND SALE AUTHORIZATIONS.] 
 11.19     Subdivision 1.  [BOND PROCEEDS FUND.] To provide the money 
 11.20  appropriated in this article from the bond proceeds fund, the 
 11.21  commissioner of finance, on request of the governor, shall sell 
 11.22  and issue bonds of the state in an amount up to $372,400,000 in 
 11.23  the manner, upon the terms, and with the effect prescribed by 
 11.24  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 11.25  Minnesota Constitution, article XI, sections 4 to 7. 
 11.26     Subd. 2.  [TRANSPORTATION FUND.] To provide the money 
 11.27  appropriated in this article from the transportation fund, the 
 11.28  commissioner of finance, on request of the governor, shall sell 
 11.29  and issue bonds of the state in an amount up to $28,000,000 in 
 11.30  the manner, upon the terms, and with the effect prescribed by 
 11.31  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
 11.32  Minnesota Constitution, article XI, sections 4 to 7.  The 
 11.33  proceeds of the bonds, except accrued interest and any premium 
 11.34  received on the sale of the bonds, must be credited to a bond 
 11.35  proceeds account in the state transportation fund. 
 11.36     Sec. 20.  [EFFECTIVE DATE.] 
 12.1      This act is effective the day following final enactment.