SF 2970

as introduced - 88th Legislature (2013 - 2014) Posted on 04/24/2014 08:33am

A bill for an act
relating to capital investment; appropriating 50 percent of bond proceeds for
repair of public roads and bridges; authorizing the sale and issuance of state bonds;
amending Minnesota Statutes 2012, section 16A.641, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 16A.641, is amended by adding a
subdivision to read:

new text begin Subd. 8a. new text end

new text begin Appropriation of 50 percent of bond proceeds for road and bridge
repair; bond sale authorization. new text end

new text begin One dollar is appropriated from the bond proceeds fund
to the commissioner of transportation for repair and reconstruction of public roads and
bridges, other than trunk highways, for each dollar appropriated from the bond proceeds
fund for a project, other than public road and bridge repair or reconstruction, for which the
debt is authorized under the Minnesota Constitution, article XI, section 5, paragraph (a).
To provide the money appropriated in this subdivision, the commissioner of management
and budget shall sell and issue bonds of the state for the necessary amount 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