HF 2754

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to capital improvements; appropriating money 
  1.3             to the department of transportation for freight 
  1.4             improvements; authorizing the sale of state bonds. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [FREIGHT INVESTMENT IMPROVEMENTS.] 
  1.7      Subdivision 1.  [APPROPRIATION.] $18,596,000 is 
  1.8   appropriated from the state transportation fund as provided in 
  1.9   Minnesota Statutes, section 174.50, to the commissioner of 
  1.10  transportation for grants to political subdivisions to implement 
  1.11  the individual freight investment projects contained in the 
  1.12  department of transportation's December 2001 freight investment 
  1.13  plan.  This appropriation is not available for an individual 
  1.14  project until the commissioner has determined that an equal 
  1.15  amount has been committed from any combination of municipal 
  1.16  state-aid street money an nonstate sources.  The state share may 
  1.17  be allocated to any one or more of the project elements, with 
  1.18  the nonstate money used to complete any elements not completed 
  1.19  with state money.  This appropriation shall not be used for the 
  1.20  port development assistance program or the rail service 
  1.21  improvement program. 
  1.22     Subd. 2.  [BOND SALE.] To provide the money appropriated in 
  1.23  this act from the state transportation fund, the commissioner of 
  1.24  finance shall sell and issue bonds of the state in an amount up 
  1.25  to $18,596,000 in the manner, upon the terms, and with the 
  2.1   effect prescribed by Minnesota Statutes, sections 16A.631 to 
  2.2   16A.675, and by the Minnesota Constitution, article XI, sections 
  2.3   4 to 7.  The proceeds of the bonds, except accrued interest and 
  2.4   any premium received on the sale of the bonds, must be credited 
  2.5   to a bond proceeds account in the state transportation fund. 
  2.6      Sec. 2.  [EFFECTIVE DATE.] 
  2.7      This act is effective the day following final enactment.