HF 2798

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to transportation; modifying provision for 
  1.3             advance funding for interregional transportation 
  1.4             corridor development; amending Minnesota Statutes 2001 
  1.5             Supplement, section 161.362, subdivision 2. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   161.362, subdivision 2, is amended to read: 
  1.9      Subd. 2.  [REPAYMENT.] Subject to the availability of state 
  1.10  money, the commissioner shall repay the amount advanced under 
  1.11  this section, up to the state's share of costs, under terms of 
  1.12  the agreement.  The agreement may provide for payment of 
  1.13  interest on the amount of advanced funds.  The maximum interest 
  1.14  rate that may be paid is the rate earned by the state on 
  1.15  invested treasurer's cash for the month before the date the 
  1.16  agreement is executed or the actual interest paid by the road 
  1.17  authority in borrowing for the amount advanced, whichever rate 
  1.18  is less.  The total amount of annual repayment to road 
  1.19  authorities under this section and section 161.361 must never 
  1.20  exceed the amount stated in the department's debt management 
  1.21  policy or $10,000,000, whichever is less.