SF 1631

as introduced - 90th Legislature (2017 - 2018) Posted on 03/02/2017 10:01am

A bill for an act
relating to metropolitan government; providing for additional financing of
metropolitan-area transit and paratransit capital expenditures; authorizing the
issuance of certain obligations; amending Minnesota Statutes 2016, section 473.39,
by adding a subdivision.

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

Section 1.

Minnesota Statutes 2016, section 473.39, is amended by adding a subdivision
to read:

new text begin Subd. 1u. new text end

new text begin Obligations. new text end

new text begin In addition to other authority in this section, the council may
issue certificates of indebtedness, bonds, or other obligations under this section in an amount
not exceeding $126,000,000 for capital expenditures as prescribed in the council's transit
capital improvement program and for related costs, including the costs of issuance and sale
of the obligations. Of this authorization, after July 1, 2017, the council may issue certificates
of indebtedness, bonds, or other obligations in an amount not exceeding $82,100,000 and
after July 1, 2018, the council may issue certificates of indebtedness, bonds, or other
obligations in an additional amount not exceeding $43,900,000.
new text end

Sec. 2. new text begin APPLICATION.
new text end

new text begin This act applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott,
and Washington.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end