HF 364

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:36am

A bill for an act
relating to capital improvements; appropriating money for port development
assistance; authorizing the sale of state bonds.

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

Section 1. new text begin PORT DEVELOPMENT ASSISTANCE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $3,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for purposes of the port development assistance
program under Minnesota Statutes, chapter 457A. Any improvements made with the
proceeds of these grants must be publicly owned.
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 subdivision 1 from the
bond proceeds fund, the commissioner of finance shall sell and issue bonds of the state in
an amount up to $3,000,000 in the manner, on 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. The proceeds of the bonds, except accrued interest and any
premium received on the sale of the bonds, must be credited to a bond proceeds account
in the state transportation fund.
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