SF 1325

as introduced - 88th Legislature (2013 - 2014) Posted on 03/14/2013 09:04am

A bill for an act
relating to capital investment; appropriating money for Mankato transit facilities;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MANKATO; TRANSIT FACILITIES.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $450,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for greater Minnesota transit systems to be
used for transit capital facilities under Minnesota Statutes, section 174.24, subdivision
3c. This appropriation is to be used for up to 80 percent of the nonfederal share of costs.
This appropriation is for a grant to the city of Mankato for phase III of its transit facilities
improvements.
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 section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $450,000 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