SF 1212

as introduced - 90th Legislature (2017 - 2018) Posted on 02/21/2017 09:02am

A bill for an act
relating to capital investment; appropriating money for improvements to marked
Trunk Highway 95 in the city of Cambridge; 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 TRUNK HIGHWAY 95 IMPROVEMENTS; 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 $20,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for a grant to the
city of Cambridge for final design, environmental analysis, right-of-way acquisition, land
acquisition, corridor mapping, construction engineering, and construction for the
improvement of marked Trunk Highway 95 and associated improvements.
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 $20,000,000 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