HF 2682

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

A bill for an act
relating to capital improvements; appropriating money for port development
assistance; authorizing the sale of state bonds.

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

Section 1. new text begin PORT DEVELOPMENT ASSISTANCE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $6,000,000 is appropriated from the state
transportation fund to the commissioner of transportation for purposes of the port
development assistance program under Minnesota Statutes, chapter 457A.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in subdivision 1 from the
state transportation fund, the commissioner of finance shall sell and issue bonds of the
state in an amount up to $6,000,000 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. The proceeds of the bonds, except accrued interest
and any premium received on the sale of the bonds, must be credited to a bond proceeds
account in the state transportation fund.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end