HF 2430

Introduction - 86th Legislature (2009 - 2010)

Posted on 02/09/2010 02:04 a.m.

A bill for an act
relating to capital improvements; appropriating money to rehabilitate tracks
owned by the Minnesota Valley Regional Railroad Authority; authorizing the
sale and issuance of state bonds.

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

Section 1. new text begin MINNESOTA VALLEY REGIONAL RAILROAD AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $10,000,000 is appropriated from the bond proceeds
fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
Railroad Authority to rehabilitate railroad track from east of Gaylord to Winthrop. A grant
under this subdivision 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.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $10,000,000 in the manner, upon 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.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end