SF 1642

as introduced - 91st Legislature (2019 - 2020) Posted on 02/25/2019 03:20pm

A bill for an act
relating to capital investment; appropriating money for a town road; authorizing
the sale and issuance of state bonds.

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

Section 1. new text begin MARTIN TOWNSHIP ROAD RECONSTRUCTION; 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 $500,000 is appropriated from the bond proceeds account
in the state transportation fund under Minnesota Statutes, section 174.50, to the commissioner
of transportation for a grant to Martin Township in Rock County, for design, engineering,
and reconstruction of a segment of 41st Street from the intersection with Rock County
State-Aid Highway 6, also known as 60th Avenue, to a location approximately one mile
westerly and in the vicinity of the highway-rail grade crossing.
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 state transportation fund, the commissioner of management and
budget shall sell and issue bonds of the state in an amount up to $500,000 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