HF876

Purpose

To fund the reconstruction of Trunk Highway 75 between Luverne and Pipestone by authorizing a state bond sale and appropriating money from the bond proceeds account in the trunk highway fund for related design and construction work.

Main Provisions

• Appropriation for TH 75

  • The bill appropriates money from the bond proceeds account in the trunk highway fund to the commissioner of transportation.
  • The money is for the preliminary design, final design, engineering, construction, and reconstruction of Trunk Highway 75 from Luverne to Pipestone.

• Bond sale authorization

  • The commissioner of management and budget must sell and issue state bonds up to the amount requested by the commissioner of transportation.
  • Bond sale must follow Minnesota Statutes sections 167.50 to 167.52 and Article XIV, section 11 of the Minnesota Constitution.
  • The bond proceeds, excluding accrued interest and any premium from the sale, must go into the bond proceeds account in the trunk highway fund.

Fiscal and Legal Context

• Use of bond proceeds

  • Proceeds from the bond sale are dedicated to TH 75 activities and deposited into the bond proceeds account in the trunk highway fund (with interest and premiums treated separately as stated).

• Oversight and compliance

  • Implemented under the authority of the stated statutes and constitutional guidance, with the proceeds directed to highway design and construction.

Changes to Existing Law

• Adds a new appropriation and bonding authority specifically for the reconstruction of Trunk Highway 75 from Luverne to Pipestone.
• Establishes the flow of funds: bond proceeds (from the sale) to the bond proceeds account in the trunk highway fund, for use by the transportation department on the project.

Implementation Scope

• Project stages covered: preliminary design, final design, engineering, construction, and reconstruction of TH 75 between the two cities.
• Funding mechanism: state bonds issued to finance the project, with statutory and constitutional compliance.

Relevant Terms - Trunk Highway 75 - Luverne - Pipestone - bond proceeds account - trunk highway fund - preliminary design - final design - engineering - construction - reconstruction - bond sale - bonds - Minnesota Statutes 167.50 to 167.52 - Minnesota Constitution Article XIV, Section 11 - commissioner of transportation - commissioner of management and budget