SF 370

as introduced - 89th Legislature (2015 - 2016) Posted on 01/30/2015 08:37am

A bill for an act
relating to transportation; prohibiting the Metropolitan Council from certain
indebtedness; 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. 6. new text end

new text begin Limitations. new text end

new text begin The council may not issue certificates of indebtedness,
bonds, or other obligations secured in part or in whole by a pledge of motor vehicle sales
tax revenue received under sections 16A.88 and 297B.09, or by a pledge of any earnings
from the council's investment of motor vehicle sales tax revenues.
new text end

new text begin EFFECTIVE DATE; APPLICATION. new text end

new text begin This section is effective the day following
final enactment, and applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott, and Washington.
new text end