Purpose

This bill provides funding to improve Trunk Highway 55 in Hennepin County. It aims to convert the highway into a four-lane divided road and cover the costs to acquire land, design, and build the project. The funding comes from selling state bonds.

Main Provisions

• Appropriation of funds: $55,000,000 is appropriated from the bond proceeds account in the trunk highway fund to the commissioner of transportation. The money can be used for acquiring right-of-way, engineering, and construction to reconstruct Trunk Highway 55 as a four-lane divided highway. The project runs from near Arrowhead Drive (Medina) to near the city of Loretto (near Hennepin County State Aid Highway 19).
• Bond sale: The commissioner of management and budget must sell and issue up to $55,000,000 in state bonds to fund the project. The bond sale follows the terms and conditions in Minnesota statutes (sections 167.50 to 167.52) and the Minnesota Constitution (Article XIV, Section 11), as requested by the transportation department.
• Use of bond proceeds: The principal from the bond sale must be deposited into the bond proceeds account in the trunk highway fund. Interest and any premium from the bond sale are treated separately from the bond proceeds, in line with the statute and constitution.

Significance and Changes to Law

• Financing mechanism: This bill authorizes debt financing (state bonds) specifically for upgrading Trunk Highway 55, shifting funding to a bond-based approach for this project.
• Project scope: It formalizes the plan to acquire land, perform engineering, and construct a four-lane divided highway along a defined segment in Medina to near Loretto.
• Fund handling: It outlines where bond proceeds and any related interest/premium go, tying the project funding to the trunk highway fund and bond proceeds account.

Significant Terms and Phrases from the Bill (Key concepts)

• Trunk Highway 55
• Hennepin County
• Arrowhead Drive
• Medina
• Loretto
• four-lane divided highway
• right-of-way
• engineering
• construction
• appropriation
• bond proceeds account
• trunk highway fund
• bonds / bond sale
• bond proceeds
• Minnesota Statutes sections 167.50 to 167.52
• Minnesota Constitution Article XIV, Section 11

Relevant Terms - Trunk Highway 55 - Hennepin County - Medina - Loretto - Arrowhead Drive - right-of-way - engineering - construction - four-lane divided highway - bond proceeds account - trunk highway fund - bonds - bond sale - Minnesota Statutes 167.50-167.52 - Minnesota Constitution Article XIV, Section 11