SF 2251

as introduced - 88th Legislature (2013 - 2014) Posted on 08/29/2014 02:23pm

A bill for an act
relating to metropolitan government; providing for additional financing of
metropolitan area transit and paratransit capital expenditures; authorizing the
issuance of certain obligations; amending Minnesota Statutes 2012, section 473.39, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 473.39, is amended by adding a
subdivision to read:

new text begin Subd. 1t. new text end

new text begin Obligations. new text end

new text begin In addition to other authority in this section, the council may
issue certificates of indebtedness, bonds, or other obligations under this section in an
amount not exceeding $75,300,000 for capital expenditures as prescribed in the council's
transit capital improvement program and for related costs, including the costs of issuance
and sale of the obligations. Of this authorization, after July 1, 2014, the council may
issue certificates of indebtedness, bonds, or other obligations in an amount not exceeding
$37,000,000 and after July 1, 2015, the council may issue certificates of indebtedness,
bonds, or other obligations in an additional amount not exceeding $38,300,000.
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