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SF2096 (Legislative Session 94 (2025-2026))

Corridors of commerce program bond issue and appropriation

AI Generated Summary

Purpose

To provide funding for transportation capital investment by appropriating money for Minnesota’s Corridors of Commerce program and to authorize the sale and issuance of trunk highway bonds to finance that program.

Main Provisions

  • Appropriation of funds:
    • An amount of 400,000,000 is appropriated from the bond proceeds account in the trunk highway fund to the commissioner of transportation for the Corridors of Commerce program (as authorized by Minnesota Statutes section 161.088).
    • The commissioner may use up to 17 percent of this appropriation for program delivery (administration and delivery costs).
  • Bond financing:
    • The commissioner of management and budget must sell and issue bonds totaling up to 400,000,000 to fund the appropriation.
    • Bond issuance must follow the terms and effects prescribed by Minnesota Statutes sections 167.50 to 167.52 and by Minnesota Constitution Article XIV, section 11.
    • The timing and amounts of bond sales are at the request of the commissioner of transportation.
  • Use of bond proceeds:
    • Proceeds from the bond sale (excluding accrued interest and any premium) must be deposited into the bond proceeds account in the trunk highway fund.

Significance and Impact

  • This bill finances transportation infrastructure through the Corridors of Commerce program by authorizing a substantial bond issue (400 million) and directing funds into the trunk highway fund.
  • It formalizes funding and administering pathways (including a cap on program delivery costs) and establishes the handling of bond proceeds for this purpose.
  • It aligns with existing financing and legal frameworks (state statutes and constitutional provisions) governing bond issuance and fund management.

Changes to Existing Law

  • Creates/expands authorization for a large-scale bond sale specifically to fund the Corridors of Commerce program.
  • Establishes a dedicated funding mechanism within the trunk highway fund via a bond proceeds account for these investments.
  • Sets a 17 percent cap on administrative/program delivery use of the appropriation.
  • Integrates with existing statutory and constitutional provisions governing bond issuance and fund management.

Relevant Terms - Corridors of Commerce program - trunk highway fund - bond proceeds account - bonds / bond sale - appropriation - program delivery - Minnesota Statutes section 161.088 - Minnesota Statutes sections 167.50 to 167.52 - Minnesota Constitution Article XIV section 11 - commissioner of transportation - commissioner of management and budget - transportation capital investment

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 03, 2025SenateActionIntroduction and first reading
March 03, 2025SenateActionReferred toTransportation

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes section 161.088 related to the corridors of commerce program.",
      "modified": []
    },
    "citation": "161.088",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes sections 167.50 to 167.52 concerning bond sales for state bonds.",
      "modified": []
    },
    "citation": "167.50 to 167.52",
    "subdivision": ""
  }
]

Progress through the legislative process

17%
In Committee

Sponsors

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