2001 Minnesota Statutes

     161.362 Advance funding for interregional corridor 
  development. 

    Subdivision 1.    Corridor development.  By agreement 
 with the commissioner, a road authority other than the 
 commissioner or two or more road authorities that have entered 
 into a joint powers agreement under section 471.59 may make 
 advances from any available funds to the commissioner to 
 expedite development of an interregional transportation 
 corridor, including funds for design consultants, for 
 right-of-way purchases, for construction, or for other related 
 expenditures. 

    Subd. 2.    Repayment.  Subject to the availability of 
 state money, the commissioner shall repay the amount advanced 
 under this section, up to the state's share of costs, under 
 terms of the agreement.  The agreement may provide for payment 
 of interest on the amount of advanced funds.  The maximum 
 interest rate that may be paid is the rate earned by the state 
 on invested treasurer's 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.  The total amount of annual repayment to road 
 authorities under this section and section 161.361 must never 
 exceed the amount stated in the department's debt management 
 policy or $10,000,000, whichever is less. 

    HIST: 1Sp2001 c 8 art 2 s 22