Bill Text: MN HF268 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Local bridge replacement and rehabilitation funding provided, bonds issued, and money appropriated.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2011-01-31 - Introduction and first reading, referred to Transportation Policy and Finance [HF268 Detail]
Download: Minnesota-2011-HF268-Introduced.html
1.2relating to transportation; appropriating money for local bridge replacement and
1.3rehabilitation; authorizing sale and issuance of state bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. LOCAL BRIDGE REPLACEMENT AND REHABILITATION.
1.6 Subdivision 1. Appropriation. $50,000,000 is appropriated from the bond proceeds
1.7account in the state transportation fund as provided in Minnesota Statutes, section 174.50,
1.8to the commissioner of transportation for matching federal funds and replacement or
1.9rehabilitation of local bridges under Minnesota Statutes, section 174.50.
1.10 Subd. 2. Bond sale. To provide the money appropriated in this section from the
1.11state transportation fund, the commissioner of management and budget shall sell and issue
1.12bonds of the state in an amount up to $50,000,000 in the manner, upon the terms, and
1.13with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by
1.14the Minnesota Constitution, article XI, sections 4 to 7. The proceeds of the bonds, except
1.15accrued interest and any premium received on the sale of the bonds, must be credited to
1.16a bond proceeds account in the state transportation fund.
1.17EFFECTIVE DATE.This section is effective the day following final enactment.
1.3rehabilitation; authorizing sale and issuance of state bonds.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. LOCAL BRIDGE REPLACEMENT AND REHABILITATION.
1.6 Subdivision 1. Appropriation. $50,000,000 is appropriated from the bond proceeds
1.7account in the state transportation fund as provided in Minnesota Statutes, section 174.50,
1.8to the commissioner of transportation for matching federal funds and replacement or
1.9rehabilitation of local bridges under Minnesota Statutes, section 174.50.
1.10 Subd. 2. Bond sale. To provide the money appropriated in this section from the
1.11state transportation fund, the commissioner of management and budget shall sell and issue
1.12bonds of the state in an amount up to $50,000,000 in the manner, upon the terms, and
1.13with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by
1.14the Minnesota Constitution, article XI, sections 4 to 7. The proceeds of the bonds, except
1.15accrued interest and any premium received on the sale of the bonds, must be credited to
1.16a bond proceeds account in the state transportation fund.
1.17EFFECTIVE DATE.This section is effective the day following final enactment.
