SF 4248

as introduced - 91st Legislature (2019 - 2020) Posted on 11/02/2020 09:04am

A bill for an act
relating to capital investment; appropriating money to raise Highway 65 in Albert
Lea above flood levels; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin ALBERT LEA; HIGHWAY 65 FLOOD MITIGATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriations. new text end

new text begin (a) $2,682,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to the city of Albert Lea for preliminary
design, final design, right-of-way acquisition if needed, and construction of the local road
portions of the marked U.S. Highway 65 flood mitigation project in Albert Lea. The flood
mitigation project is to raise the roadway above flood levels. This appropriation is not
available until the commissioner of management and budget determines that at least
$1,000,000 has been committed from nonstate sources to complete the project.
new text end

new text begin (b) $2,172,000 is appropriated from the bond proceeds account in the trunk highway
fund to the commissioner of transportation for preliminary design, final design, right-of-way
acquisition if needed, and construction of marked U.S. Highway 65 in Albert Lea to raise
the roadway above flood levels.
new text end

new text begin Subd. 2. new text end

new text begin Bond sales. new text end

new text begin (a) To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue bonds
of the state in an amount up to $2,682,000 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 (b) To provide the money appropriated in this section 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 $2,172,000 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