HF4283

Purpose

To fund a transportation project in North Branch by providing money and authority for creating an interchange at Interstate Highway 35 and 400th Street.

Main Provisions

• Subdivision 1 – Appropriation:
  • appropriates $4,000,000 from the bond proceeds account in the state transportation fund, per Minnesota Statutes section 174.50, to the commissioner of transportation.
  • provides a grant to the city of North Branch for predesign, design, and right-of-way acquisition to construct the interchange at I-35 and 400th Street.
• Subdivision 2 – Bond Sale:
  • requires the commissioner of management and budget to sell and issue state bonds of up to $4,000,000 to fund the appropriation.
  • bonds are to be issued under the terms and effects prescribed by Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, article XI, sections 4 to 7.

What the Bill Seeks to Accomplish

• Establishes funding (via bond proceeds) for planning and land/rights acquisition needed to build an interchange.
• Enables debt financing through state bonds to support the North Branch interchange project.

Significant Changes to Existing Law

• Creates a new appropriation of $4,000,000 for North Branch’s interchange project.
• Authorizes the sale and issuance of state bonds up to $4,000,000 to finance the appropriation, leveraging the existing bond framework in state law (bond proceeds account, relevant statutes, and constitutional provisions).

Project Details

• Location: Interstate Highway 35 and 400th Street, North Branch.

Financial and Administrative Context

• Source of funds: bond proceeds account in the state transportation fund.
• Oversight and process: bonds issued under Minnesota Statutes 16A.631–16A.675 and Minnesota Constitution Article XI.

Implementation Timeline (implied)

• Not specified in the text; funding and bond issuance are authorized to proceed per the usual statutory process.

Relevant Terms - appropriation - bond proceeds account - state transportation fund - predesign - design - right-of-way acquisition - interchange - Interstate Highway 35 - 400th Street - North Branch - grant - bond sale - management and budget - Minnesota Statutes 174.50 - Minnesota Statutes 16A.631–16A.675 - Minnesota Constitution Article XI, sections 4–7