HF 411

as introduced - 87th Legislature (2011 - 2012) Posted on 02/09/2011 08:50am

A bill for an act
relating to capital investment; appropriating money to the Minnesota Valley
Regional Rail Authority; authorizing sale and issuance of general obligation
bonds.

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

Section 1. new text begin MINNESOTA VALLEY REGIONAL RAIL AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $10,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
Rail Authority to rehabilitate and make capital improvements of railroad track from
Norwood-Young America to Hanley Falls. A grant under this section is in addition to any
grant, loan, or loan guarantee for this project made by the commissioner under Minnesota
Statutes, sections 222.46 to 222.62. This appropriation is in addition to the appropriation
in Laws 2009, chapter 93, section 11, subdivision 4.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale authorization. new text end

new text begin To provide the money appropriated by
subdivision 1 from the bond proceeds fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $10,000,000 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