as introduced - 90th Legislature (2017 - 2018) Posted on 03/15/2018 04:02pm
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:
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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.
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This section is effective the day following final enactment.
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