SF 2371

as introduced - 89th Legislature (2015 - 2016) Posted on 04/19/2016 08:48am

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 2014, section
473.39, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2014, 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 $82,100,000 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, 2016, the council may
issue certificates of indebtedness, bonds, or other obligations in an amount not exceeding
$40,100,000, and after July 1, 2017, the council may issue certificates of indebtedness,
bonds, or other obligations in an additional amount not exceeding $42,000,000.
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