SF 2772

as introduced - 91st Legislature (2019 - 2020) Posted on 04/04/2019 08:48am

A bill for an act
relating to capital investment; appropriating money for reconstruction project of
marked U.S. Highway 8; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MARKED U.S. HIGHWAY 8 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 $10,000,000 is appropriated from the bond proceeds
account in the transportation fund to the commissioner of transportation for a grant to
Chisago County to predesign, design, and construct a project that reconstructs marked U.S.
Highway 8 in Chisago County. This appropriation is for the portion of the project that is
eligible for use of proceeds of general obligation bonds. This appropriation is not available
until the commissioner of management and budget determines that at least an equal amount
is committed to complete the project from nonstate sources.
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 transportation fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $10,000,000 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.
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