HF4489

Purpose

The bill would authorize state bonds and provide money to improve marked Trunk Highway 7 in several cities, by funding planning, design, environmental work, property acquisition, and construction. The work would be coordinated with planned highway maintenance.

Main Provisions

• Subdivision 1 – Appropriation: The bill appropriates 11,000,000 from the bond proceeds account in the trunk highway fund to the commissioner of transportation. The money can be used for predesign, design, engineering, environmental analysis and remediation, property acquisition (including easements), and construction of improvements to Trunk Highway 7 in the cities of Chanhassen, Deephaven, Excelsior, Greenwood, Minnetonka, Minnetrista, Shorewood, and St. Bonifacius. The funds are intended to be used in conjunction with planned highway maintenance.
• Subdivision 2 – Bond Sale: To fund the appropriation, the commissioner of management and budget must sell and issue state bonds up to 11,000,000. The bonds are to be issued under the rules in Minnesota Statutes sections 167.50 to 167.52 and the Minnesota Constitution, Article XIV, Section 11, at times and in amounts requested by the commissioner of transportation. Proceeds from the bonds (excluding accrued interest and any premium) must be deposited into the bond proceeds account in the trunk highway fund.

What the bill seeks to accomplish

• Provide dedicated funding and a financing plan to upgrade and widen or otherwise improve Trunk Highway 7 in the specified cities, with steps from early planning through construction, while aligning the project with existing maintenance activities.

Significant changes to existing law

• Establishes a new appropriation of 11,000,000 from the trunk highway fund’s bond proceeds account for Trunk Highway 7 improvements.
• Authorizes the issuance of up to 11,000,000 in state bonds to fund that appropriation, under specified statutes and constitutional provisions.
• Directs how bond proceeds (except accrued interest and any premium) are to be deposited, reinforcing bond-based financing for this highway project.

Key terms and phrases from the bill

• Trunk Highway 7
• bond proceeds account
• trunk highway fund
• predesign
• design
• engineering
• environmental analysis
• remediation
• property acquisition including easements
• construction
• planned highway maintenance
• bonds / state bonds
• Minnesota Statutes sections 167.50 to 167.52
• Minnesota Constitution Article XIV section 11
• Chanhassen, Deephaven, Excelsior, Greenwood, Minnetonka, Minnetrista, Shorewood, St. Bonifacius

Relevant Terms - Trunk Highway 7 - bond proceeds account - trunk highway fund - predesign - design - engineering - environmental analysis - remediation - property acquisition - easements - construction - planned highway maintenance - state bonds - bond sale - Minnesota Statutes 167.50-167.52 - Minnesota Constitution Article XIV, Section 11 - the named cities (Chanhassen, Deephaven, Excelsior, Greenwood, Minnetonka, Minnetrista, Shorewood, St. Bonifacius)