HF 3776

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to metropolitan government; providing for the additional financing
of metropolitan area transit and paratransit capital expenditures; authorizing
the issuance of certain obligations; limiting the maximum additional amount
authorized after July 1, 2007, and after each July 1 thereafter; amending
Minnesota Statutes 2006, section 473.39, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 473.39, is amended by adding a
subdivision to read:

Subd. 1m.

Issuance of obligations; maximum authorization.

(a) After July 1,
2007, and after each July 1 thereafter, in addition to other authority in this section, the
council may issue certificates of indebtedness, bonds, or other obligations under this
section in an additional amount after each such July 1 not exceeding the maximum
amount set forth in paragraph (b), for capital expenditures as prescribed in the council's
regional transit master plan and transit capital improvement program and for related costs,
including the costs of issuance and sale of the obligations.

(b) The maximum additional amount authorized for after July 1, 2007, is equal to
101 percent of the amount authorized in subdivision 1l. The maximum additional amount
authorized for after July 1, 2008, and for after each July 1 thereafter is equal to the 101
percent of the maximum additional amount authorized under this paragraph for after July
1 in the previous calendar year.

Sec. 2. APPLICATION.

Section 1 applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott, and Washington.

Sec. 3. EFFECTIVE DATE.

Sections 1 and 2 are effective the day following final enactment.