HF 395

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; authorizing issuance
of state bonds for rail service improvement;
appropriating money; directing commissioner of
transportation to forgive a certain rail improvement
loan.

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

Section 1. new text begin APPROPRIATION; RAIL SERVICE IMPROVEMENT.
new text end

new text begin $15,000,000 is appropriated from the rail service
improvement account in the special revenue fund to the
commissioner of transportation for expenditure under Minnesota
Statutes, sections 222.46 to 222.63. This appropriation is
available until spent.
new text end

Sec. 2. new text begin BOND SALE AUTHORIZATION.
new text end

new text begin The commissioner of finance shall sell and issue bonds of
the state in an amount up to $15,000,000 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 commissioner shall deposit the
proceeds from the sale of the bonds in the rail service
improvement account in the special revenue fund.
new text end

Sec. 3. new text begin LOAN FORGIVEN.
new text end

new text begin The commissioner of transportation shall forgive the unpaid
balance of the loan made to the Minnesota Valley Regional Rail
Authority from the rail service improvement account in the
special revenue for the authority's share of the cost of the
agreement made in 2000 between the commissioner and the
authority for the rehabilitation of the rail line between Hanley
Falls and Norwood-Young America.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 3 are effective the day following final
enactment.
new text end