HF 2387

as introduced - 87th Legislature (2011 - 2012) Posted on 02/20/2012 01:12pm

A bill for an act
relating to transportation; capital improvements; appropriating money for greater
Minnesota transit; authorizing sale of bonds of the state.

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

Section 1. 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 greater Minnesota transit systems to be used for transit capital facilities
under Minnesota Statutes, section 174.24, subdivision 3c. Money from this appropriation
may be used to pay up to 80 percent of the nonfederal share of these facilities.
new text end

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

new text begin To provide the money appropriated in section 1 from the bond proceeds fund, the
commissioner of management and budget 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