Senate Bill No. 1264 is a proposed law in Minnesota that focuses on funding improvements to transportation infrastructure. Specifically, it is about allocating $40,800,000 from the state's trunk highway fund to finance the environmental assessment, design, and construction of new bridges and interchanges on Interstate Highway 35 at Dakota County State-Aid Highway 50 (CSAH 50) in the city of Lakeville. This project includes the creation of entrance and exit ramps and two bridges over CSAH 50.

To generate the necessary funds, the bill authorizes the state's commissioner of management and budget to sell and issue bonds up to the amount of $40,800,000. The terms and processes for these bond sales are outlined as per existing Minnesota statutes and state constitutional provisions. The proceeds from these bonds, excluding any interest or premiums from sales, will be deposited back into the trunk highway fund to be used specifically for this project.