HF5107

Purpose

• Proposes funding for infrastructure improvements along marked Trunk Highway 95 in the city of Cambridge and authorizes the sale of state bonds to pay for those improvements.

Main Provisions

• Section 1: A one-time appropriation of 2,791,000 from the bond proceeds account in the state transportation fund to the commissioner of transportation. The money is for a grant to the city of Cambridge to support infrastructure improvements on and along the Trunk Highway 95 reconstruction project. Eligible improvements include traffic signals, street lighting, storm sewers, retention ponds, sanitary sewers, and water mains.
• Section 2: Bond sale authorization. The commissioner of management and budget shall sell and issue bonds of the state up to 2,791,000 to finance the appropriation in section 1. Bond terms and issuance will follow Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution (Article XI, sections 4 to 7), and will be issued at times and in amounts requested by the commissioner of transportation.
• Section 3: Not shown in the excerpt (listed as Sec. 3, but no substantive text provided here).

Significant Changes to Existing Law

• Creates a new funding source and debt authority specifically for the Cambridge Trunk Highway 95 project by appropriating money from the bond proceeds in the state transportation fund and authorizing the sale of state bonds to cover the cost.
• Establishes that the bond issuance will be conducted under existing state law and constitutional provisions governing debt and bond sales (Minnesota Statutes 16A.631–16A.675 and Article XI).

Estimated Financial Implications

• Up to 2,791,000 financed through state bonds to support infrastructure improvements along Trunk Highway 95 in Cambridge.

Relevant Terms - Trunk Highway 95 - Cambridge - infrastructure improvements - grant - bond proceeds account - state transportation fund - traffic signals - street lighting - storm sewers - retention ponds - sanitary sewers - water mains - reconstruction project - bond sale authorization - Commissioner of Management and Budget - Minnesota Statutes 16A.631 to 16A.675 - Minnesota Constitution Article XI, sections 4 to 7