SF 3874

as introduced - 90th Legislature (2017 - 2018) Posted on 03/29/2018 04:01pm

A bill for an act
relating to capital investment; appropriating money for marked U.S. Highway
169/101st Avenue N interchange project and local road improvements in Brooklyn
Park; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin U.S. HIGHWAY 169/101ST AVENUE N INTERCHANGE PROJECT;
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 $8,000,000 is appropriated from the bond proceeds
account in the state transportation fund under Minnesota Statutes, section 174.50, to the
commissioner of transportation for the local road improvement program under Minnesota
Statutes, section 174.52. This appropriation is for design, engineering, environmental
analysis, property and easement acquisition, construction, and reconstruction of local roads
in conjunction with an interchange project at marked U.S. Highway 169 and 101st Avenue
N in Brooklyn Park. This appropriation is available when the commissioner of management
and budget determines that sufficient resources have been committed to complete the project,
as required by Minnesota Statutes, section 16A.502.
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 state transportation fund, the commissioner of management and
budget shall sell and issue bonds of the state in an amount up to $8,000,000 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. The proceeds of
the bonds, except accrued interest and any premium received on the sale of the bonds, must
be credited to the bond proceeds account in the state transportation 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