SF 2908

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to transportation; allowing interest on 
  1.3             repayment of money advanced to department of 
  1.4             transportation for interregional transportation 
  1.5             corridor development; proposing coding for new law in 
  1.6             Minnesota Statutes, chapter 161. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [161.362] [ADVANCE FUNDING FOR INTERREGIONAL 
  1.9   CORRIDOR DEVELOPMENT.] 
  1.10     Subdivision 1.  [CORRIDOR DEVELOPMENT.] By agreement with 
  1.11  the commissioner, a road authority other than the commissioner 
  1.12  or two or more road authorities that have entered into a joint 
  1.13  powers agreement under section 471.59 may make advances from any 
  1.14  available funds to the commissioner to expedite development of 
  1.15  an interregional transportation corridor, including funds for 
  1.16  design consultants, for purchasing right-of-way, for 
  1.17  construction, or for other related expenditures. 
  1.18     Subd. 2.  [REPAYMENT.] Subject to the availability of state 
  1.19  money, the commissioner shall repay the amount advanced under 
  1.20  this section, up to the state's share of costs, under terms of 
  1.21  the agreement.  The agreement may provide for payment of 
  1.22  interest on the amount of advanced funds.  The maximum interest 
  1.23  rate that may be paid is the rate earned by the state on 
  1.24  invested treasurer's cash for the month before the date the 
  1.25  agreement is executed or the actual interest paid by the road 
  1.26  authority in borrowing for the amount advanced, whichever rate 
  2.1   is less.  The total amount of annual repayment to road 
  2.2   authorities under this section must never exceed the amount 
  2.3   stated in the department's debt management policy or 
  2.4   $10,000,000, whichever is less.