2007 Minnesota Statutes

CHAPTER 167. TRUNK HIGHWAY BONDS

167.01-167.26 [Repealed, 1957 c 592 s 1]

167.31 [Repealed, 1984 c 654 art 3 s 153]

167.32 [Repealed, 1984 c 654 art 3 s 153]

167.33 [Repealed, 1984 c 654 art 3 s 153]

167.34 [Repealed, 1984 c 654 art 3 s 153]

167.35 [Repealed, 1984 c 654 art 3 s 153]

167.36 [Repealed, 1984 c 654 art 3 s 153]

167.37 [Repealed, 1984 c 654 art 3 s 153]

167.38 [Repealed, 1984 c 654 art 3 s 153]

167.39 [Repealed, 1984 c 654 art 3 s 153]

167.40 [Repealed, 1976 c 163 s 63]

167.41 [Temporary]

167.42 [Repealed, 1984 c 654 art 3 s 153]

167.43 [Repealed, 1984 c 654 art 3 s 153]

167.44 [Repealed, 1984 c 654 art 3 s 153]

167.45 OPERATION COSTS FOR CENTRAL OFFICE BUILDING, PAYMENT.
The cost of operation and maintenance of the new central office building for the Department
of Transportation, or so much thereof as is properly attributable to the Department of
Transportation, shall be paid out of the trunk highway fund.
History: 1955 c 717 s 7; 1976 c 163 s 36; 1976 c 166 s 7

167.46 PROPERTY PURCHASED WITH HIGHWAY BOND PROCEEDS.
    Subdivision 1. Definitions. (a) The definitions in this subdivision apply to this section.
(b) "State trunk highway bond-financed property" means property acquired, improved, or
maintained in whole or in part with the proceeds of state trunk highway bonds authorized to be
issued under the Minnesota Constitution, article XIV, section 11.
(c) "Outstanding state trunk highway bonds" means the dollar amount of state trunk highway
bonds, including any refunding state trunk highway bonds, issued with respect to state trunk
highway bond-financed property, less the principal amount of state trunk highway bonds paid or
defeased.
    Subd. 2. Leases. (a) State trunk highway bond-financed property may only be leased (1) for
those purposes authorized by law, (2) in accordance with the requirements of all other laws and
duly adopted rules applicable thereto, and orders, if any, of the commissioner of finance intended
to ensure the legality and tax-exempt status of outstanding state trunk highway bonds, and (3)
with the approval of the commissioner of finance. A lease of state trunk highway bond-financed
property, including any renewals that are solely at the option of the lessee, must be for a term
substantially less than the useful life of the state trunk highway bond-financed property, but may
allow renewal beyond that term upon a determination by the commissioner of transportation that
the use continues to be authorized by law and that the additional term is authorized by law. A
lease of state trunk highway bond-financed property must be terminable by the commissioner
of transportation if the other contracting party defaults under the contract and must provide for
oversight by the commissioner of transportation.
(b) Notwithstanding the provisions of any other law, money received by the state under
a lease of state trunk highway bond-financed property must be paid to the commissioner of
transportation, deposited in the state trunk highway fund, and used to pay or redeem or defease
any outstanding state trunk highway bonds in accordance with the commissioner of finance's
order authorizing their issuance. The money paid to the commissioner of transportation is
appropriated for this purpose. Money in excess of the foregoing requirement must be applied as
otherwise required by law.
    Subd. 3. Sales. (a) State trunk highway bond-financed property must not be sold unless the
sale (1) is for a purpose authorized by law, (2) is conducted in accordance with applicable law and
duly adopted rules, (3) is made in accordance with orders, if any, of the commissioner of finance
intended to ensure the legality and tax-exempt status of outstanding state trunk highway bonds,
and (4) is approved by the commissioner of finance.
(b) Notwithstanding any other law, the net proceeds of a sale of any state trunk highway
bond-financed property must be paid to the commissioner of transportation, deposited in the state
trunk highway fund, and used to pay or redeem or defease any outstanding trunk highway bonds in
accordance with the commissioner of finance's order authorizing their issuance. The net proceeds
of sale paid to the commissioner of transportation are appropriated for these purposes. Any net
proceeds of sale in excess of the foregoing requirement must be applied as otherwise required by
law. When all of the net proceeds of sale have been applied as provided in this subdivision, the
sold property is no longer considered state trunk highway bond-financed property.
    Subd. 4. Relation to other laws. This section applies to all state trunk highway
bond-financed property unless otherwise provided by law.
History: 1Sp2001 c 8 art 2 s 26

167.50 MINNESOTA TRUNK HIGHWAY BONDS.
    Subdivision 1. Trunk highway purposes. For the purpose of providing money for trunk
highway purposes, when authorized by law and requested by the commissioner of transportation,
the commissioner of finance shall issue and sell bonds of the state of Minnesota, for the prompt
payment of which, with the interest thereon, the full faith, credit, and taxing powers of the state
are hereby irrevocably pledged. "Trunk highway purposes" shall include recreational vehicle
usage and lanes. Such bonds shall be known as Minnesota trunk highway bonds. The proceeds
thereof shall be credited to the trunk highway fund, except that accrued interest and any premium
received upon sale of such bonds shall be credited to the state bond fund.
    Subd. 2. Issuance and sale. The bonds shall be issued and sold upon competitive bids after
published notice. The bonds shall be issued and sold at the times and prices (not less than par and
accrued interest), in the form and denominations, bearing interest at the rate or rates, maturing
on dates, with or without option of prior redemption upon notice and at specified times and
prices, payable at a bank or banks, within or without the state, with provisions for registration,
conversion, and exchange and for the issuance of temporary bonds or notes in anticipation of
the sale and delivery of definitive bonds, and in accordance with such further provisions, as the
commissioner of finance may determine, subject to the approval of the attorney general (but not
subject to the provisions of chapter 14, including 14.386). Each bond shall mature within 20 years
from its date of issue and shall be executed by the commissioner of finance under official seal.
The signature of the commissioner on the face of and any interest coupons appurtenant to any
bond, and the seal may be printed, lithographed, stamped, engraved, or otherwise reproduced
thereon, provided that the signature of one of the officers, or of an authorized representative of a
corporate registrar or other agent designated by the commissioner of finance to authenticate the
bonds, shall be manually subscribed on the face of each bond.
    Subd. 3. General obligations. The commissioner of finance shall ascertain and certify
to purchasers of the bonds the performance and existence of all acts, conditions, and things
necessary to make them valid and binding general obligations of the state of Minnesota in
accordance with their terms. Any act authorizing the issuance of bonds pursuant to this section
shall, together with this section, constitute complete authority for such issue, and such bonds shall
not be subject to the restrictions or limitations contained in any other law.
    Subd. 4. Expenses. All expenses incidental to the sale, printing, execution, and delivery of
state trunk highway bonds pursuant to this section, including, but not limited to, actual and
necessary travel and subsistence expenses of state officers and employees for such purposes,
shall be paid from the trunk highway fund, and the amounts necessary therefor are appropriated
from said fund.
History: 1965 c 892 s 1; 1973 c 492 s 14; 1973 c 620 s 5; 1976 c 166 s 7; 1980 c 607 art 14
s 31; 1982 c 424 s 130; 1983 c 17 s 4; 1983 c 301 s 141; 1995 c 233 art 2 s 56; 1997 c 187 art 5 s
23; 2000 c 479 art 1 s 14; 2003 c 112 art 2 s 23

167.51 TRUNK HIGHWAY BOND ACCOUNT; TRANSFERS.
    Subdivision 1. Account; appropriation. The commissioner of finance shall maintain in the
state bond fund a separate account which shall be designated the Minnesota trunk highway bond
account. On the first day of December of each year there shall be transferred from the trunk
highway fund to the Minnesota trunk highway bond account a sum sufficient, with all money
previously transferred to such account, and all income from the investment of such money, to
pay all principal and interest then and theretofore due and to become due within the next ensuing
year and to and including July 1 in the second ensuing year on Minnesota trunk highway bonds.
There is annually appropriated from the trunk highway fund a sum of money sufficient to carry
out the provisions of this subdivision.
    Subd. 2. Transfers. All money transferred from the trunk highway fund or from any other
source to the Minnesota trunk highway bond account and all income from the investment thereof
shall be available for the payment of outstanding state trunk highway bonds and interest thereon,
whether or not issued pursuant to section 167.50, in the same manner as the proceeds of taxes paid
into the trunk highway fund, and so much thereof as may be necessary is appropriated for such
payments. The legislature may appropriate and transfer to the Minnesota trunk highway bond
account, for the payment of such trunk highway bonds and interest thereon, any other moneys in
the state treasury not otherwise appropriated. The commissioner of finance is directed to make
the appropriate entries in the accounts of the respective funds.
History: 1965 c 892 s 2; 1973 c 492 s 14; 1994 c 643 s 70; 1Sp2001 c 8 art 2 s 27; 2003 c
112 art 2 s 50

167.52 TAX LEVY.
The state auditor shall levy each year on all taxable property within the state whatever tax
may be necessary to produce an amount sufficient, with all money then and theretofore transferred
under section 167.51, and all income from the investment thereof, to pay the entire amount of
principal and interest which is then due or is to become due within the then ensuing year and to
and including July 1 of the second ensuing year, on Minnesota trunk highway bonds heretofore
issued and all such bonds hereafter issued pursuant to section 167.50. Such tax shall be subject to
no limitation of rate or amount until all such bonds and all interest thereon are fully paid. The
proceeds of such taxes are appropriated and credited to the state bond fund, and the principal and
interest of said bonds are payable from the proceeds of such taxes, and the whole thereof, or so
much thereof as may be necessary, is appropriated for such payments. If at any time there is
insufficient money from the proceeds of the taxes provided for herein to pay the principal and
interest when due on such bonds, then such principal and interest shall be paid out of the general
fund in the state treasury, and the amount necessary therefor is hereby appropriated. The general
fund shall be reimbursed from the proceeds of said taxes when received.
History: 1965 c 892 s 3; 1969 c 399 s 1; 1Sp1985 c 14 art 4 s 27

167.521 [Repealed, 1984 c 654 art 3 s 153]