HF 2730

1st Engrossment - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to port development; authorizing the issuance 
  1.3             of bonds; appropriating money for port development. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [APPROPRIATION; PORT DEVELOPMENT GRANTS.] 
  1.6      (a) $5,000,000 is appropriated from the bond proceeds fund 
  1.7   to the commissioner of transportation for port development 
  1.8   assistance grants and loans.  The grants and loans must be made 
  1.9   to political subdivisions for capital improvements under the 
  1.10  provisions of Minnesota Statutes, chapter 457A.  Any 
  1.11  improvements made with the proceeds of these grants and loans 
  1.12  must be owned by a public body. 
  1.13     (b) To provide the money appropriated by paragraph (a) from 
  1.14  the bond proceeds fund, the commissioner of finance, on request 
  1.15  of the governor, shall sell and issue bonds of the state in an 
  1.16  amount up to $5,000,000 in the manner, on the terms, and with 
  1.17  the effect prescribed by Minnesota Statutes, sections 16A.631 to 
  1.18  16A.675, and by the Minnesota Constitution, article XI, sections 
  1.19  4 to 7.