HF4947

Purpose

• Fund intersection improvements on Trunk Highway 24 in Wright County by building two roundabouts near the city of Clearwater.
• Use state bonds to finance the project, with the money coming from the trunk highway bond proceeds.

Main Provisions

• Subdivision 1: Appropriation

  • Appropriates 2,790,000 from the bond proceeds account in the trunk highway fund to the commissioner of transportation.
  • Funds predesign, design, engineering, and construction of two roundabouts at:
  • Trunk Highway 24 at the intersection with Wright County State Aid Highway 7
  • Trunk Highway 24 at the intersection with Wright County Road 145
  • The money covers the portion of the project eligible for trunk highway bond proceeds.

• Subdivision 2: Bond Sale

  • The commissioner of management and budget must sell and issue state bonds of up to 2,790,000 to fund the appropriation.
  • Bond terms follow Minnesota Statutes sections 167.50 to 167.52 and the Minnesota Constitution Article XIV, Section 11, as requested by the commissioner of transportation.
  • Bond proceeds (except accrued interest and any premium) must be deposited into the bond proceeds account in the trunk highway fund.

Significant Changes / Impacts

• Enables funding for the project through state-issued bonds (debt financing) rather than only regular annual appropriations.
• Specifies a dedicated funding source (bond proceeds account in the trunk highway fund) and requires bond proceeds to be used for the eligible portion of the project.
• Sets specific project parameters and location, tying the financing to two roundabouts near Clearwater.

Project Details

• Location: Near Clearwater, Minnesota, at:
  • The intersection of Trunk Highway 24 with Wright County State Aid Highway 7
  • The intersection of Trunk Highway 24 with Wright County Road 145
• Project type: Intersection improvement through construction of two roundabouts.

Funding Flow

• Step 1: Legislature appropriates 2,790,000 from the trunk highway bond proceeds account.
• Step 2: The commissioner of management and budget issues state bonds up to 2,790,000 to cover the appropriation.
• Step 3: Bond proceeds (excluding accrued interest and any premium) go to the trunk highway fund’s bond proceeds account and are used for predesign, design, engineering, and construction of the roundabouts.

Related Authorities

• Funding must align with Minnesota Statutes 167.50 to 167.52 and Minnesota Constitution Article XIV, Section 11.
• Proceeds are limited to portion eligible for trunk highway bond funding.

Timing

• The transportation commissioner requests the bond issuance amounts and timing; the bond sale occurs per the stated statutes and constitutional provisions.

Relevant Terms - Trunk Highway 24 - Wright County - Clearwater - two roundabouts - intersection improvements - bond proceeds account - trunk highway fund - bond sale / bonds - predesign - design - engineer - construction - Wright County State Aid Highway 7 - Wright County Road 145 - appropriation - Minnesota Statutes 167.50-167.52 - Minnesota Constitution Article XIV Section 11 - bond proceeds (excluding accrued interest and premium) - state bonds - transportation financing