as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to capital improvements; appropriating money for a grant to the
Minnesota Valley Regional Rail Authority to rehabilitate railroad track;
authorizing issuance of general obligation bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$30,000,000 is appropriated from the bond proceeds fund to the commissioner of
transportation for a grant to the Minnesota Valley Regional Rail Authority to rehabilitate
up to 95 miles of railroad track from Norwood-Young America to Hanley Falls. A grant
under this paragraph is in addition to any grant, loan, or loan guarantee for this project
made by the commissioner under Minnesota Statutes, sections 222.46 to 222.62.
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To provide the money appropriated by section 1 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$30,000,000 in the manner, on the terms, and with the effect prescribed by Minnesota
Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, article XI,
sections 4 to 7.
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Sections 1 and 2 are effective July 1, 2007.
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