Providing state funding for public transit; establishing a transit funding account in the general fund, dedicating a certain percentage of funds deposited in the account to the funding of transit systems outside the metropolitan area and a certain greater percentage to the funding of metropolitan area transit, prohibiting use of the account for the funding of light or commuter rail lines; reducing the distribution percentages and prohibiting the use of property tax levies to finance transit services under the public subsidy program; reducing the percentage of motor vehicle sales tax proceeds dedicated to the general fund, requiring a certain percentage to be deposited in the transit funding account; making mandatory the option of the metropolitan council to grant financial assistance under the replacement service program, modifying the assistance formula and restricting the local levy option; eliminating transit and paratransit service operating expenses from the metropolitan transit tax levy, restricting use of the levy to the payment of bonds, certificates of indebtedness and other obligations; permanently reducing homestead and agricultural credit aid payments to the metropolitan council by the HACA attributable to nondebt transit levies and to opt out municipalities by the HACA attributable to the opt out transit levy; appropriating money from the account to the commissioner of transportation (DOT) to finance nonmetropolitan transit systems and to the metropolitan council for metropolitan transit services (je)