Bill Text: MN SF263 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Minnesota Valley regional rail authority bond issue and appropriation
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-02-07 - Referred to Capital Investment [SF263 Detail]
Download: Minnesota-2011-SF263-Introduced.html
1.2relating to capital investment; appropriating money to the Minnesota Valley
1.3Regional Rail Authority; authorizing sale and issuance of general obligation
1.4bonds.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. MINNESOTA VALLEY REGIONAL RAIL AUTHORITY.
1.7 Subdivision 1. Appropriation. $10,000,000 is appropriated from the bond proceeds
1.8fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
1.9Rail Authority to rehabilitate and make capital improvements of railroad track from
1.10Norwood-Young America to Hanley Falls. A grant under this section is in addition to any
1.11grant, loan, or loan guarantee for this project made by the commissioner under Minnesota
1.12Statutes, sections 222.46 to 222.62. This appropriation is in addition to the appropriation
1.13in Laws 2009, chapter 93, section 11, subdivision 4.
1.14 Subd. 2. Bond sale authorization. To provide the money appropriated by
1.15subdivision 1 from the bond proceeds fund, the commissioner of management and budget
1.16shall sell and issue bonds of the state in an amount up to $10,000,000 in the manner, upon
1.17the terms, and with the effect prescribed by Minnesota Statutes, sections 16A.631 to
1.1816A.675, and by the Minnesota Constitution, article XI, sections 4 to 7.
1.19EFFECTIVE DATE.This section is effective the day following final enactment.
1.3Regional Rail Authority; authorizing sale and issuance of general obligation
1.4bonds.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. MINNESOTA VALLEY REGIONAL RAIL AUTHORITY.
1.7 Subdivision 1. Appropriation. $10,000,000 is appropriated from the bond proceeds
1.8fund to the commissioner of transportation for a grant to the Minnesota Valley Regional
1.9Rail Authority to rehabilitate and make capital improvements of railroad track from
1.10Norwood-Young America to Hanley Falls. A grant under this section is in addition to any
1.11grant, loan, or loan guarantee for this project made by the commissioner under Minnesota
1.12Statutes, sections 222.46 to 222.62. This appropriation is in addition to the appropriation
1.13in Laws 2009, chapter 93, section 11, subdivision 4.
1.14 Subd. 2. Bond sale authorization. To provide the money appropriated by
1.15subdivision 1 from the bond proceeds fund, the commissioner of management and budget
1.16shall sell and issue bonds of the state in an amount up to $10,000,000 in the manner, upon
1.17the terms, and with the effect prescribed by Minnesota Statutes, sections 16A.631 to
1.1816A.675, and by the Minnesota Constitution, article XI, sections 4 to 7.
1.19EFFECTIVE DATE.This section is effective the day following final enactment.
