HF 2643

as introduced - 89th Legislature (2015 - 2016) Posted on 03/24/2016 04:34pm

A bill for an act
relating to capital investment; appropriating money for capital improvements to
the Hugo Short Line Railway; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin HUGO SHORT LINE RAILWAY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $1,100,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to Minnesota Commercial Railway
for construction of repairs and other capital improvements to approximately 6.5 miles
of railroad track described as that portion of the Minnesota Commercial Railway main
running lead, between M & D Junction in White Bear Lake and the end of the track
in Hugo. This appropriation must be used for the purposes set forth in the Minnesota
Constitution, article XI, section 5, clause (i), to improve and rehabilitate railroad
rights-of-way and other rail facilities, whether public or private.
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 this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $1,100,000 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