HF 2715

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

A bill for an act
relating to railroads; forgiving state loans made to Rock and Nobles Counties.

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

Section 1. new text begin LOAN AGREEMENTS TO BUY AND REHABILITATE RAIL LINE.
new text end

new text begin (a) The state of Minnesota, including the Departments of Transportation and
Administration, shall enter into an agreement to either forgive any money due
(approximately $2,851,118) on loan agreements 65572 and 67106 or convert the loans to
grants. The loans were made to the Buffalo Ridge Regional Railroad Authority, which
was established by Rock and Nobles Counties, to enable the counties to purchase and
rehabilitate 41.4 miles of rail line providing transportation service to the counties.
new text end

new text begin (b) The agreement must ensure that all terms, provisions, and conditions of the loan
agreements are deemed to be fully satisfied and performed on the part of the railroad
authority and counties.
new text end