SF 991

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; providing for funding with 
  1.3             certificates for infrastructure; proposing coding for 
  1.4             new law in Minnesota Statutes, chapter 161. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [161.075] [USE OF TRANSPORTATION CERTIFICATES.] 
  1.7      Subdivision 1.  [APPLICABILITY.] The commissioner shall 
  1.8   fund all highway and transit infrastructure with transportation 
  1.9   certificates to be issued under this section as appropriations 
  1.10  for that purpose direct the commissioner to do so. 
  1.11     Subd. 2.  [FORM OF CERTIFICATES.] Transportation 
  1.12  certificates must be issued in book-entry form and transmitted 
  1.13  electronically by direct deposit to any state chartered bank 
  1.14  designated by the payee.  The payee's state chartered bank shall 
  1.15  credit the payee's account in dollars by the amount of the 
  1.16  certificate. 
  1.17     Subd. 3.  [ACCEPTANCE BY STATE CHARTERED BANK.] State 
  1.18  chartered banks shall accept and monetize transportation 
  1.19  certificates under the same general principles as state issued 
  1.20  bonds with one exception.  Banks shall enter transportation 
  1.21  certificates on the books of the bank as an asset to the bank 
  1.22  and to the state, thereby monetizing all the transportation 
  1.23  infrastructure in the state as assets of the people. 
  1.24     Sec. 2.  [EFFECTIVE DATE.] 
  1.25     Section 1 is effective July 1, 2003.