|
21.19 (f) A grant award for a transit project located within the metropolitan area as defined
<br />21,20 in section 473.121, subdivision 2, may be funded only after the Metropolitan Council
<br />22 z1 reviews the project for consistency with the transit portion of the Metropolitan Council
<br />21.22 policy plan and one of the following occurs:
<br />21.23 (1) the Metropolitan Council finds the project to be consistentt
<br />2x:as (2) the Metropolitan Council initially finds the project to be inconsistent, but after a
<br />21.25 good faith effort to resolve the inconsistency through negotiations with the joint powers
<br />21.26 board, agrees that the grant award maybe funded: or
<br />21.27 (3) the Metropolitan Council finds the project to be inconsistent, and submits the
<br />21.28 consistenc issue for final determination to a • anel which determines the .ro'ect to he
<br />21.29 consistent. The panel is composed of a member' appointed by the chair of the Metropolitan
<br />21:30 Council, a member appointed by the point powers board, and a member agreed upon by
<br />21.31 both the chair and the joint powers board.
<br />21.32 (g) Grants must be funded by the proceeds of the taxes imposed under this section,
<br />21.33 bonds, notes, or other obli 'ations issued b the 'Milt .owers'board under subdivision 7.
<br />21.39 (h) Notwithstanding the provisions of this subdivision, in fiscal year 2009, ofthe
<br />21,35 initial revenue collected under this section, the joint powers board shall allocate at least
<br />21,36 $30,783 000 to the Metropolitan Council for operating assistance for transit.
<br />.22.2 Subd. 6. Allocation of grant awards. a The board must allocate •rant! awards
<br />22.2 only for the following transit purposes:
<br />22.3 (i) capital improvements to transitways, including, but not limited to, commuter
<br />22.4 rail rolling stock light rail vehicles, and transitway buses;
<br />22.5 ii) capital costs for park -acid -ride facilities, as Inc ded in section 174.256,
<br />22.6 subdivision 2;r
<br />28.7
<br />fill) feasibility studies, planning , alternatives analyses, environmental studies,
<br />22.8 engineering, property acquisition for transitway purposes, and construction of transit
<br />22.9 ways; and
<br />22.20 (iv) operating assistan'ce for transitways.
<br />22.21 (b) The joint powers board must annually award grants to each mininiup guarantee
<br />22.12 ..county in an amount no less than the amount of sales tax revenue collected within that
<br />22.13 county.
<br />22.14 (c) No more than 1.25 percent of the total awards may be annually allocated for
<br />22.15 planning, studies, design, construction, "maintenance, and operation of pedestrian programs'
<br />22.26 and bicycle programs andpathways.
<br />22.17 Subd 7. Bonds. (a) The joint powers board or any county, acting under a joint
<br />22.18 powers agreement as specified in this section, may, by resolution, authorize, issue, and sell
<br />22.19 its bonds notes, or other obligations for the purpose of funding grants under subdivision
<br />22.20 6. The joint • powers board or county may also, by resolution, issue bonds to refund the
<br />22.21 bonds issued pursuant to this subdivision.
<br />22.22 (b) The bonds of the joint powers board must be limited obligations, payable solely
<br />22.23 from or secured by taxes levied under this section.
<br />22.24 (c) The bonds of any county may be limited obli ations a able sole) from.or
<br />22.25 secured by taxes levied under this section. A county may also pledge its full faith, credit,
<br />22.26 and taxing power as additional security for the bonds.
<br />22.27 (d) Bonds may be issued in one or more series and sold without an election. The
<br />22.28 bonds shall be secured, bear the interest rate or rates or a variable rate, have the rank or
<br />22.29 priority, be executed in =the manner, be payable in the manner, mature • and be subject.to
<br />22.30 the defaults, redeinptions, repurchases, tender options, or other terms, and shall be sold
<br />22.31 in such manner as the oint owers board the 're•ional railroad authorit or the county
<br />22.32 may determine.
<br />22.33 (e) The joint powers board or an re tonal railroad authori or an coin may
<br />22.39 -enter into and .perform : all contracts deemed necessary or desirable b it to issue and secure
<br />22.35 the bonds, including an indenture of trust with a trustee within or without the state.
<br />'123.1 (1) Except as otherwise provided in this subdivision, the bonds must be issued and
<br />23.2 =sold in the manner provided under chapter 475.
<br />10
<br />
|