1.1 	A bill for an act
1.2 	relating to taxes; providing for the additional
1.3 	financing of metropolitan area transit and paratransit
1.4 	capital expenditures; authorizing the issuance of
1.5 	certain obligations; clarifying restrictions on the
1.6 	issuance of general obligation bonds for the Hiawatha
1.7 	light rail transit line; amending Minnesota Statutes
1.8 	2004, section 473.39, subdivision 1f, by adding a
1.9 	subdivision.
1.10 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.11 	Section 1. Minnesota Statutes 2004, section 473.39,
1.12 	subdivision 1f, is amended to read:
1.13 		Subd. 1f.Prohibition of certain obligations. For
1.14 	certificates of indebtedness, bonds, or other obligations
1.15 	authorized by the legislature prior to January 1, 2005, to be
1.16 	issued under this section,the council may not issue such 
1.17 	obligations for construction of light rail transit in the
1.18 	Hiawatha corridor.

1.19 	Sec. 2. Minnesota Statutes 2004, section 473.39, is
1.20 	amended by adding a subdivision to read:
1.21 		Subd. 1k.Obligations. After July 1, 2005, in addition
1.22 	to the authority in subdivisions 1a, 1b, 1c, 1d, 1e, 1g, 1h, 1i,
1.23 	and 1j, the council may issue certificates of indebtedness,
1.24 	bonds, or other obligations under this section in an amount not
1.25 	exceeding $64,000,000 for capital expenditures as prescribed in
1.26 	the council's regional transit master plan and transit capital
1.27 	improvement program and for related costs, including the costs
2.1 	of issuance and sale of the obligations.

2.2 	Sec. 3. APPLICATION.
 2.3 	This act applies in the counties of Anoka, Carver, Dakota,
2.4 	Hennepin, Ramsey, Scott, and Washington.

2.5 	Sec. 4. EFFECTIVE DATE.
 2.6 	This act is effective the day following final enactment.