Minnesota Session Laws - 1999, Regular Session

                            CHAPTER 114-S.F.No. 480 
                  An act relating to transportation; allowing port 
                  authorities to retain lease or management contract 
                  revenues from commercial navigation projects financed 
                  by the state; amending Minnesota Statutes 1998, 
                  section 457A.04, by adding a subdivision. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1998, section 457A.04, is 
        amended by adding a subdivision to read: 
           Subd. 6.  [USE AGREEMENTS.] Notwithstanding section 
        16A.695, for leases or management contracts entered into with 
        respect to property acquired or bettered with the proceeds of 
        state general obligations bonds, (1) a port authority may meet 
        its obligations and expenses of operating and reinvesting 
        capital improvements by retaining revenues received under leases 
        or management contracts and is not required to pay lease or 
        management contract revenues to the commissioner of finance; and 
        (2) the lease or management contract entered into by a port 
        authority must not be canceled or terminated as a result of 
        changes or termination by the state in the governmental program 
        of the port authority unless compensation is paid as provided by 
        law. 
           Presented to the governor April 29, 1999 
           Signed by the governor May 3, 1999, 1:53 p.m.