1.1                          A bill for an act 
  1.2             relating to metropolitan government; providing for the 
  1.3             annual financing of metropolitan area transit and 
  1.4             paratransit capital expenditures; authorizing the 
  1.5             issuance of certain obligations; amending Minnesota 
  1.6             Statutes 2000, section 473.39, by adding a subdivision.
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 473.39, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 1i.  [OBLIGATIONS.] After July 1, 2002, in addition 
  1.11  to the authority in subdivisions 1a, 1b, 1c, 1d, 1e, 1g, and 1h, 
  1.12  the council may issue certificates of indebtedness, bonds, or 
  1.13  other obligations under this section for capital expenditures as 
  1.14  prescribed in the council's regional transit master plan and 
  1.15  transit capital improvement program and for related costs, 
  1.16  including the costs of issuance and sale of the obligations.  
  1.17  The amount of the obligations issued under this subdivision in 
  1.18  any year must not exceed an amount equal to the following 
  1.19  limitations, except as provided in this subdivision: 
  1.20     (1) for 2003, the limitation is $50,000,000; and 
  1.21     (2) for each subsequent year, the limitation is equal to 
  1.22  the last year's limitation calculated under this subdivision 
  1.23  adjusted for inflation using the United States Department of 
  1.24  Labor's Bureau of Labor Statistics Minneapolis-St. Paul Consumer 
  1.25  Price Index for All Urban Consumers (CPI-U) for the last 
  1.26  taxes-payable year.  For any year in which the council does not 
  2.1   issue obligations totaling the limitation calculated under this 
  2.2   subdivision, the remaining available limitation amount may be 
  2.3   carried forward to later years.  The council may issue 
  2.4   obligations in a carry-forward year in an amount exceeding the 
  2.5   annual limitation for that year by the limitation amount carried 
  2.6   forward, but the limitation amount carried forward is not a 
  2.7   permanent increase in the annual limitation calculated under 
  2.8   this subdivision. 
  2.9      Sec. 2.  [APPLICATION.] 
  2.10     Section 1 applies in the counties of Anoka, Carver, Dakota, 
  2.11  Hennepin, Ramsey, Scott, and Washington.