HF 3862

as introduced - 89th Legislature (2015 - 2016) Posted on 04/07/2016 02:56pm

A bill for an act
relating to capital investment; appropriating money for a freight rail line in the
counties of Itasca, St. Louis, and Lake; authorizing the sale and issuance of
state bonds.

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

Section 1. new text begin FREIGHT RAIL LINE; COUNTIES OF ITASCA, ST. LOUIS, AND
LAKE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $3,000,000 is appropriated from the bond proceeds
fund to the commissioner of the Iron Range Resources and Rehabilitation Board for
a grant to the city of Grand Rapids for preliminary design of the construction of a new
freight rail line in the counties of Itasca, St. Louis, and Lake.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this act from the bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $3,000,000 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