HF 660

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:40am

A bill for an act
relating to capital investment; appropriating money for railroad track
rehabilitation; authorizing sale and issuance of general obligation bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION; BOND SALE AUTHORIZATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $10,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
Rail Authority to rehabilitate up to 95 miles of railroad track from Norwood-Young
America to Hanley Falls. A grant under this section is in addition to any grant, loan, or
loan guarantee for this project made by the commissioner under Minnesota Statutes,
sections 222.46 to 222.62.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale authorization. new text end

new text begin To provide the money appropriated by
subdivision 1 from the bond proceeds fund, the commissioner of finance shall sell and
issue bonds of the state in an amount up to $10,000,000 in the manner, upon the terms,
and with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and
by the Minnesota Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end