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Minnesota Legislature

Office of the Revisor of Statutes

HF 3346

as introduced - 90th Legislature (2017 - 2018) Posted on 03/15/2018 04:02pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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1.16

A bill for an act
relating to transportation; establishing requirements related to loan conversion and
release of liens for a Department of Transportation contract.

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

Section 1. new text beginDEPARTMENT OF TRANSPORTATION LOAN CONVERSION AND
LIEN RELEASE.
new text end

new text begin The commissioner of transportation must (1) convert to a grant the remaining balance
on Minnesota Department of Transportation Contract No. 1000714, originally executed as
of June 1, 2015, with Minnesota Commercial Railway Company; (2) cancel all future
payments under the contract; and (3) release liens on the locomotives designated as MNNR
49 and MNNR 84, and perform the appropriate filing. The commissioner is prohibited from
requiring or accepting additional payments under the contract as of the effective date of this
section. Notwithstanding the loan conversion and payment cancellation under this section,
all other terms and conditions under Contract No. 1000714 remain effective for the duration
of the period specified in the contract.
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