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SF 3985

as introduced - 90th Legislature (2017 - 2018) Posted on 04/16/2018 03:55pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to capital investment; appropriating money to reconstruct a segment of
marked Trunk Highway 169 in Mankato; authorizing the sale and issuance of state
bonds.

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

Section 1. new text beginMARKED TRUNK HIGHWAY 169 RECONSTRUCTION TO
ACCOMMODATE RAISED LEVEE; MANKATO.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $1,845,000 is appropriated from the bond proceeds
account in the state transportation fund to the commissioner of transportation for a grant to
the city of Mankato for a project to reconstruct a segment of marked Trunk Highway 169
north of the Highway 14 interchange to accommodate the raising of a levee. This
appropriation is for the local shares the cities of Mankato and North Mankato are responsible
for under the state's Cost Participation and Maintenance with Local Units of Government
Manual, or any contract between the state and the city of Mankato. 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 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 $1,845,000 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

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end