HF2075

Purpose of the Bill

The purpose of this bill is to provide financial resources for the development of transportation infrastructure in Minnesota. This is achieved by allocating funds for the transportation economic development program through the issuance of trunk highway bonds.

Main Provisions

• Appropriation of Funds: The bill appropriates $15,000,000 from the bond proceeds account in the trunk highway fund. This appropriation is directed to the commissioner of transportation to be used expressly for the transportation economic development program as outlined in Minnesota Statutes section 174.12.

• Bond Sale Authorization: The bill authorizes the commissioner of management and budget to sell and issue bonds totaling up to $15,000,000. These bonds are to be issued in accordance with both existing Minnesota Statutes and the state constitution, particularly sections that govern the sale of state bonds.

Significant Changes

The legislation introduces the sale and issuance of new trunk highway bonds specifically for funding the transportation economic development program. This action represents a continued investment in statewide transportation infrastructure, potentially leading to economic benefits for the region through enhanced transportation facilities.

Relevant Terms

• Transportation economic development
• Trunk highway bonds
• Bond proceeds account
• Commissioner of transportation
• Appropriation