SF 624

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:14am

A bill for an act
relating to railroads; forgiving state loans made to Rock and Nobles Counties.

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

Section 1. new text begin LOAN AGREEMENTS TO BUY AND REHABILITATE RAIL LINE.
new text end

new text begin (a) The commissioner of transportation shall enter into an agreement to either
forgive any money due (approximately $2,851,118) on loan agreements 65572 and 67106
or convert the loans to grants. The loans were made to the Buffalo Ridge Regional
Railroad Authority, which was established by Rock and Nobles Counties, to enable the
counties to purchase and rehabilitate 41.4 miles of rail line providing transportation
service to the counties.
new text end

new text begin (b) The agreement must ensure that all terms, provisions, and conditions of the loan
agreements are deemed to be fully satisfied and performed on the part of the railroad
authority and counties.
new text end