SF 703

as introduced - 91st Legislature (2019 - 2020) Posted on 01/31/2019 03:26pm

A bill for an act
relating to capital investment; appropriating money for reconstruction of marked
U.S. Highway 14 between the cities of New Ulm and Nicollet; authorizing the
sale and issuance of trunk highway bonds.

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

Section 1. new text begin MARKED U.S. HIGHWAY 14; APPROPRIATION AND TRUNK
HIGHWAY BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $85,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for right-of-way
acquisition, engineering, and construction of marked U.S. Highway 14 as a four-lane divided
highway from the interchange with Nicollet County State-Aid Highway 21 and marked
Trunk Highway 15 east of New Ulm to the intersection with 471st Avenue west of Nicollet.
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 $85,000,000 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