SF 1510

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:21am

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

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

Section 1. new text begin GREATER MINNESOTA TRANSIT; APPROPRIATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $22,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for capital assistance for greater Minnesota
transit systems to be used for transit capital facilities under Minnesota Statutes, section
174.24, subdivision 3c. Money from this appropriation may be used to pay up to 80
percent of the nonfederal share of these facilities.
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 subdivision 1 from
the bond proceeds fund, the commissioner of finance shall sell and issue bonds of the
state in an amount up to $22,000,000 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