MS 1957 [Repealed, 1959 c 500 art 6 s 13
161.04 TRUNK HIGHWAY FUND.
Subdivision 1. Composition.
The trunk highway fund shall consist of 62 percent of the net
highway user tax distribution fund as provided in article 14 of the Constitution; the proceeds of
the sale of any bonds authorized by article 14 of the Constitution; money received from the
federal government as aid in the construction and maintenance of trunk highways; and any other
money otherwise allotted, appropriated, or legislated therefor.
Subd. 2. Investment of fund.
Upon the request of the commissioner, moneys in the trunk
highway fund shall be invested by the State Board of Investment in those securities authorized for
such purpose in section
. All interest and profits from such investments shall be credited
to the trunk highway fund. The commissioner of finance shall be the custodian of all securities
purchased under the provisions of this section.
Subd. 3. Trunk highway revolving loan account.
A trunk highway revolving loan account
is created in the transportation revolving loan fund under section
. The commissioner
may transfer money from the trunk highway fund to the trunk highway revolving loan account.
Money in the account may be used to make loans. Funds in the trunk highway revolving loan
account may not be used for any toll facilities project or congestion-pricing project and may be
used only for trunk highway purposes and repayments and interest from loans of those funds must
be credited to the trunk highway revolving loan account in the transportation revolving loan fund.
Money in the trunk highway revolving loan account is annually appropriated to the commissioner
and does not lapse. Interest earned from investment of money in this account must be deposited
in the trunk highway revolving loan account.
Subd. 4. Loan for trunk highway project; appropriation.
Loans from the transportation
revolving loan fund to the commissioner for trunk highway projects must be deposited in the
trunk highway fund. Loan proceeds are appropriated annually to the commissioner and do not
lapse. Principal and interest payments on the loan proceeds must be paid from the debt service
account and are considered a long-term obligation of the trunk highway fund.
History: 1959 c 500 art 2 s 4; 1963 c 567 s 4; 1965 c 113 s 1; 1967 c 404 s 5; 1976 c 2 s
172; 1980 c 607 art 14 s 46; 1997 c 141 s 1; 1999 c 230 s 5,6; 2003 c 112 art 2 s 50