SF 223

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

A bill for an act
relating to capital improvements; authorizing the sale of state bonds;
appropriating money for the state's share of high-speed rail line between St.
Paul and Chicago.

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

Section 1. new text begin HIGH-SPEED RAIL LINE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $10,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for the state's share of a high-speed rail line
between St. Paul and Chicago. No part of this appropriation may be spent to acquire or
better capital improvements that are located outside the state of Minnesota, that may be
used from time to time outside the state of Minnesota, or that are part of a rail corridor that
is not designated by the Midwest Interstate Passenger Rail Compact.
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 finance shall sell and issue bonds of the state in
an amount up to $10,000,000 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

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end