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A bill for an act
relating to capital investment; appropriating money for an interchange at Interstate
Highway 35 and 400th Street in the city of North Branch; authorizing the sale and
issuance of state bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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NORTH BRANCH; INTERSTATE 35 INTERCHANGE.
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Subdivision 1.
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Appropriation.
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$4,000,000 is appropriated from the bond proceeds
account in the state transportation fund, as provided in Minnesota Statutes, section 174.50,
to the commissioner of transportation for a grant to the city of North Branch for predesign,
design, and right-of-way acquisition to construct an interchange at Interstate Highway 35
and 400th Street in the city of North Branch.
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Subd. 2.
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Bond sale.
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To provide the money appropriated in this section from the bond
proceeds account in the state transportation fund, as provided in Minnesota Statutes, section
174.50, the commissioner of management and budget shall sell and issue bonds of the state
in an amount up to $4,000,000 in the manner, upon the terms, and with the effect prescribed
by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
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EFFECTIVE DATE.
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This section is effective the day following final enactment.
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