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A bill for an act
relating to capital investment; appropriating money for safety and mobility
improvements on U.S. Highway 12 in the city of Independence; 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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U.S. HIGHWAY 12; GENERAL OBLIGATION BONDS.
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Subdivision 1.
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Appropriation.
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$4,000,000 is appropriated from the bond proceeds fund
to the commissioner of transportation for a grant to the city of Independence for predesign,
design, and construction of critical safety and mobility improvements along marked U.S.
Highway 12 from County Line Road to County Road 90 in Hennepin County. This
appropriation is for portions of the project that are eligible to be funded with general
obligation bonds.
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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 fund, 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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Sec. 2.
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U.S. HIGHWAY 12; TRUNK HIGHWAY BONDS.
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Subdivision 1.
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Appropriation.
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$16,000,000 is appropriated from the bond proceeds
account in the trunk highway fund to the commissioner of transportation for predesign,
design, and construction of critical safety and mobility improvements along marked U.S.
Highway 12 from County Line Road to County Road 90 in Hennepin County.
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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 trunk highway fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $16,000,000 in the manner, upon
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.
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EFFECTIVE DATE.
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This section is effective the day following final enactment.
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