HF 1921

as introduced - 87th Legislature (2011 - 2012) Posted on 01/24/2012 10:52am

A bill for an act
relating to capital investment; appropriating money for greater Minnesota
business development infrastructure and the Big Lake Regional Rail Park;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin BIG LAKE REGIONAL RAIL PARK.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $2,900,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for the greater
Minnesota business development infrastructure grant program under Minnesota Statutes,
section 116J.431, for a grant to the city of Big Lake to construct on city-owned land in
the Regional Rail Park a rail spur and related infrastructure. Notwithstanding the match
requirements in Minnesota Statutes, section 116J.431, this appropriation is available
when the commissioner determines that at least $1,000,000 has been committed to the
project from nonstate sources.
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 this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $2,900,000 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