HF 2449

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to highways; providing for interest paid on
advances made by road authority to commissioner of
transportation to expedite trunk highway construction;
amending Minnesota Statutes 2004, section 161.361,
subdivision 2.

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

Section 1.

Minnesota Statutes 2004, section 161.361,
subdivision 2, is amended to read:

Subd. 2.

Repayment.

Subject to the availability of state
money, the commissioner shall repay the amounts advanced under
this section, up to the state's share of project costs, under
terms of the agreement. The agreement may provide for payment
of interest for funds advanced under subdivisions 1a and 1b new text begin at a
rate of interest agreed upon by the parties new text end . deleted text begin The maximum
interest rate that may be paid is the rate earned by the state
on invested commissioner of finance cash for the month before
the date the agreement is executed or the actual interest paid
by the road authority in borrowing for the amount advanced,
whichever rate is less.
deleted text end