HF 3293

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

  1.1                          A bill for an act
  1.2             relating to railroads; authorizing issuance of 
  1.3             $7,500,000 in state bonds for a grant to the Minnesota 
  1.4             Valley regional rail authority for freight rail 
  1.5             improvements to the Minnesota Valley regional rail 
  1.6             line; appropriating money. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [APPROPRIATION; RAIL SERVICE GRANT.] 
  1.9      $7,500,000 is appropriated from the bond proceeds fund to 
  1.10  the commissioner of transportation for a grant to the Minnesota 
  1.11  Valley regional rail authority for freight rail improvements to 
  1.12  the Minnesota Valley regional rail line.  The grant must be 
  1.13  matched by at least $600,000 from the authority.  The 
  1.14  commissioner may not make the grant until the commissioner has 
  1.15  determined that the authority has obtained a commitment for at 
  1.16  least $20,000,000 in federal funds for the project.  A grant 
  1.17  under this section is in addition to any other grant, loan, or 
  1.18  loan guarantee for this project made by the commissioner under 
  1.19  Minnesota Statutes, sections 222.46 to 222.62. 
  1.20     Sec. 2.  [BOND SALE AUTHORIZATION.] 
  1.21     To provide the money appropriated in this act from the bond 
  1.22  proceeds fund, the commissioner of finance shall sell and issue 
  1.23  bonds of the state in an amount up to $7,500,000 in the manner, 
  1.24  upon the terms, and with the effect prescribed by Minnesota 
  1.25  Statutes, sections 16A.631 to 16A.675, and by the Minnesota 
  1.26  Constitution, article XI, sections 4 to 7.