HF 2906

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

A bill for an act
relating to railroads; appropriating money for a grant to Minnesota Valley
Regional Rail Authority for rehabilitating certain railroad track; authorizing
issuance of general obligation bonds.

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

Section 1. new text begin RAILROAD TRACK REHABILITATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $....... is appropriated from the bond proceeds fund
to the commissioner of transportation for a grant to the Minnesota Valley Regional Rail
Authority for rehabilitating 33 miles of railroad track from Gibbon to Norwood-Young
America. The commissioner may not make the grant until the commissioner has
determined that the authority has obtained a commitment for at least $....... in federal
funds for the project. 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.
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 finance shall sell and issue bonds of the state
in an amount up to $....... in the manner, on 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 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