SF2779

Purpose of the Bill

The bill aims to provide financial resources for the reconstruction of the interchange at Trunk Highway 13 and Nicollet Avenue in Burnsville, Minnesota. It authorizes the sale and issuance of state bonds to fund this major infrastructure project.

Main Provisions

• Appropriation of General Obligation Bonds: The bill allocates $22,250,000 from the bond proceeds fund specifically for the phases of predesign, right-of-way acquisition, design, engineering, and construction that involve grade separation and other capacity and safety improvements.

• Appropriation of Trunk Highway Bonds: Similarly, $22,250,000 is also appropriated from the trunk highway fund for the same purposes mentioned above.

• Bond Sale Authorization:

  • General Obligation Bonds: The commissioner of management and budget is authorized to sell and issue bonds up to the amount of $22,250,000 to finance this project. This process must align with the state's fiscal statutes and constitutional requirements.
  • Trunk Highway Bonds: Similarly, the commissioner is authorized to issue trunk highway bonds up to an amount of $22,250,000 to cover the project costs. The proceeds from these bonds are to be deposited specifically into the trunk highway fund.

Significant Changes to Existing Law

• The bill involves the allocation of substantial state funds through bond issuance, which is a typical but significant financial action impacting state budget and financing mechanisms.
• It necessitates new state bond sales, impacting Minnesota's debt capacity and financial planning.

Relevant Terms

• Transportation infrastructure
• Interchange reconstruction
• Trunk Highway 13
• Burnsville
• General obligation bonds
• Trunk highway bonds
• Grade separation
• Right-of-way acquisition