HF 2407

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

A bill for an act
relating to taxes; providing for the additional
financing of metropolitan area transit and paratransit
capital expenditures; authorizing the issuance of
certain obligations; clarifying restrictions on the
issuance of general obligation bonds for the Hiawatha
light rail transit line; amending Minnesota Statutes
2004, section 473.39, subdivision 1f, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2004, section 473.39,
subdivision 1f, is amended to read:

Subd. 1f.

Prohibition of certain obligations.

new text begin For
certificates of indebtedness, bonds, or other obligations
authorized by the legislature prior to January 1, 2005, to be
issued under this section, new text end the council may not issue new text begin such
new text end obligations for construction of light rail transit in the
Hiawatha corridor.

Sec. 2.

Minnesota Statutes 2004, section 473.39, is
amended by adding a subdivision to read:

new text begin Subd. 1k. new text end

new text begin Obligations. new text end

new text begin After July 1, 2005, in addition
to the authority in subdivisions 1a, 1b, 1c, 1d, 1e, 1g, 1h, 1i,
and 1j, the council may issue certificates of indebtedness,
bonds, or other obligations under this section in an amount not
exceeding $64,000,000 for capital expenditures as prescribed in
the council's regional transit master plan and transit capital
improvement program and for related costs, including the costs
of issuance and sale of the obligations.
new text end

Sec. 3. new text begin APPLICATION.
new text end

new text begin This act applies in the counties of Anoka, Carver, Dakota,
Hennepin, Ramsey, Scott, and Washington.
new text end

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

new text begin This act is effective the day following final enactment.
new text end