HF 2979

as introduced - 89th Legislature (2015 - 2016) Posted on 03/14/2016 03:15pm

A bill for an act
relating to capital investment; appropriating money to the Minnesota Valley
Regional Rail Authority; authorizing sale and issuance of state bonds.

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

Section 1. new text begin MINNESOTA VALLEY REGIONAL RAIL AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $22,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
Rail Authority for the rehabilitation of railroad track from Winthrop to Hanley Falls.
The grant under this subdivision may also be used for any required environmental
documentation and remediation, predesign, design, and rehabilitation or replacement of
bridges with new bridges or culverts between Winthrop and Hanley Falls. 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. This appropriation
is in addition to the appropriations in Laws 2006, chapter 258, section 16, subdivision
6; Laws 2008, chapter 179, section 16, subdivision 5; Laws 2009, chapter 93, article 1,
section 11, subdivision 4; Laws 2010, chapter 189, section 15, subdivision 5; and Laws
2015, First Special Session chapter 5, article 1, section 10, subdivision 4.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale authorization. new text end

new text begin To provide the money appropriated by
subdivision 1 from the bond proceeds fund, the commissioner of management and budget
shall sell and issue bonds of the state in an amount up to $22,000,000 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