HF 1785

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; appropriating money for a grant to the
Minnesota Valley Regional Rail Authority to rehabilitate railroad track;
authorizing issuance of general obligation bonds.

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

Section 1. new text begin APPROPRIATION; RAILROAD TRACK REHABILITATION.
new text end

new text begin $30,000,000 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 paragraph 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

Sec. 2. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated by section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$30,000,000 in the manner, on 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

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective July 1, 2007.
new text end