SF 484

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:45am

A bill for an act
relating to highways; appropriating money for an interchange; authorizing sale
and issuance of trunk highway bonds.

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

Section 1. new text begin HIGHWAY 55; APPROPRIATION AND BOND SALE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $250,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for environmental
impact statement/scoping for constructing an interchange at marked Trunk Highway
55 and County State-Aid Highway 63 where an interchange will promote economic
development, increase employment, relieve growing traffic congestion, and promote
traffic safety.
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 finance shall sell
and issue bonds of the state in an amount up to $250,000 in the manner, on 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