1.1.................... moves to amend H.F. No. 855, the delete everything amendment
1.2(A09-0294), as follows:
1.3Page 4, line 12, after the period, insert
1.4"When the sale is complete and the sale
1.5proceeds have been applied as provided in
1.6this subdivision, section 16A.695 no longer
1.7applies to the property and the property is no
1.8longer state bond financed property."
1.9Page 8, line 16, after the comma, insert "as determined by the commissioner of
1.10natural resources,"
1.11Page 14, delete lines 17 to 24 and insert:

1.12

"Transit capital improvement program

1.13To the Metropolitan Council:
1.14(a) to implement capital improvements
1.15and betterments identified in the council's
1.16transit capital improvement program
1.17under Minnesota Statutes, section
1.18473.3992, including acquisition of land
1.19and right-of-way, design, preliminary
1.20engineering, environmental analysis and
1.21mitigation, engineering, and construction;
1.22and
1.23(b) for capital improvements to facilities for
1.24which federal funding is available.
2.1(c) The council must allocate money
2.2appropriated in this section so as to maximize
2.3the use of all available federal money from
2.4the American Recovery and Reinvestment
2.5Act of 2009, Public Law 111-5, and any other
2.6available federal funds."
2.7Page 18, lines 2, 7, and 14, delete "article" and insert "act"
2.8Page 18, after line 19, insert:

2.9    "Sec. .... Minnesota Statutes 2008, section 16A.641, subdivision 4, is amended to read:
2.10    Subd. 4. Sale and issuance. State bonds must may be sold and issued upon
2.11competitive bids at public or negotiated sale in the manner and on the terms and conditions
2.12determined by the commissioner in accordance with the laws authorizing them and
2.13subject to the approval of the attorney general, but not subject to chapter 14, including
2.14section 14.386. For each series, in addition to provisions required by subdivision 3, the
2.15commissioner may determine:
2.16    (1) the time, place, and form of notice of sale and for competitive bids and requests
2.17for proposals for negotiated sales;
2.18    (2) method of comparing bids;
2.19    (2) (3) the price, not less than par for highway bonds;
2.20    (3) (4) the principal amount and date of issue;
2.21    (4) (5) the interest rates and payment dates;
2.22    (5) (6) the maturity amounts and dates, not more than 20 years from the date of
2.23issue, subject to subdivision 5;
2.24    (6) (7) the terms, if any, on which the bonds may or must be redeemed before
2.25maturity, including notice, times, and redemption prices; and
2.26    (7) (8) the form of the bonds and the method of execution, delivery, payment,
2.27registration, conversion, and exchange, in accordance with section 16A.672.

2.28    Sec. .... Minnesota Statutes 2008, section 16A.641, subdivision 7, is amended to read:
2.29    Subd. 7. Credit of proceeds. (a) Proceeds of bonds issued under each law must be
2.30credited by the commissioner to a special fund, as provided in this subdivision.
2.31    (b) Accrued interest and any premium received on sale of the bonds must be credited
2.32to the state bond fund created by the Constitution, article XI, section 7. Premium received
2.33on the sale of the bonds must be credited either to the state bond fund or to the bond
2.34proceeds fund where it is used to reduce the par amount of the bonds issued. Premium
2.35may only be credited to the bond proceeds fund and used to reduce the par amount if it
3.1does not cause an increase in the general fund debt service transfer for the biennium
3.2during which the bonds are sold, as estimated by the commissioner.
3.3    (c) Except as otherwise provided by law, proceeds of state bonds issued under the
3.4Constitution, article XI, section 5, clause (a), must be credited to the bond proceeds fund
3.5established by section 16A.631.
3.6    (d) Proceeds of state highway bonds must be credited to the trunk highway fund
3.7under the Constitution, article XIV, section 6.
3.8    (e) Proceeds of bonds issued for programs of grants or loans to political subdivisions
3.9must be credited to special accounts in the bond proceeds fund or to special funds
3.10established by laws stating the purposes of the grants or loans, and the standards and
3.11criteria under which an executive agency is authorized to make them.
3.12    (f) Proceeds of refunding bonds must be credited to the state bond fund as provided
3.13in section 16A.66, subdivision 1.
3.14    (g) Proceeds of other bonds must be credited as provided in the law authorizing
3.15their issuance."
3.16Page 18, line 32, delete "For the purposes of this section, " and insert "If a zero
3.17coupon bond is sold,"
3.18Page 19, after line 11, insert:

3.19    "Sec. .... Minnesota Statutes 2008, section 16A.66, subdivision 2, is amended to read:
3.20    Subd. 2. Special provisions for sale and issuance. Refunding bonds may be sold
3.21publicly at public or negotiated sale, or directly to the State Board of Investment without
3.22bids, or may be exchanged for bonds refunded by agreement with their holders. The
3.23refunding bonds must be prepared, executed, delivered, and secured in the same way as
3.24the refunded bonds. The proceeds of refunding bonds may be deposited, invested, and
3.25applied to accomplish the refunding as provided in section 475.67, subdivisions 5 to
3.2610 and 13 . The interest rate on refunding bonds may exceed that on the refunded bonds
3.27if the purpose of refunding is to extend the maturities and to reduce the amount needed
3.28annually to pay and to secure the debt. "
3.29Page 24, after line 2, insert:

3.30    "Sec. .... [473.3992] TRANSIT CAPITAL IMPROVEMENT PROGRAM.
3.31    Subdivision 1. Establishment. A transit capital improvement program is established
3.32to prioritize among eligible public projects to be funded from state bond proceeds
3.33appropriated to the council that are distinctly specified for transit capital improvements
3.34throughout the metropolitan area through the acquisition and betterment of public land
3.35and buildings and other public improvements and the construction, improvement and
4.1maintenance of transit capital improvements, which may include the state trunk highway
4.2system.
4.3    Subd. 2. Definition. For purposes of this section, "transit capital improvement"
4.4means a busway corridor, express bus corridor with transit advantages, bus rapid transit,
4.5light rail transit, or commuter rail.
4.6    Subd. 3. Program standards; criteria. Article XI, section 5, clause (a), of the
4.7Constitution provides that state general obligation bonds may be issued to finance the
4.8acquisition and betterment of public land and buildings and other public improvements
4.9of a capital nature. Article XI, section 5, clause (e), and Article XIV, sections 1, 2, 6,
4.10and 11, of the Constitution provide that state general obligation trunk highway bonds
4.11may be issued to finance capital projects that are part of, or functionally related to,
4.12the construction, improvement, or maintenance of the state trunk highway system. In
4.13interpreting these provisions and applying them to the purpose of the program established
4.14in this section, the following standards are adopted for determining the priority among
4.15eligible transit capital improvement projects to be funded under the program, provided
4.16such funding is otherwise consistent with the appropriation of state bond proceeds and all
4.17other laws, regulations, and orders applicable to the expenditure of state bond proceeds as
4.18determined by the commissioner of finance:
4.19    (a) A cost will be an eligible expenditure under this program only when it is a capital
4.20expenditure on a capital asset, owned or to be owned by the state, an agency of the state, or
4.21a political subdivision of the state, within the meaning of accepted accounting principles as
4.22applied to public expenditures. Eligible expenditures may include acquisition, predesign,
4.23design, environmental testing and mitigation, utility relocation, traffic mitigation,
4.24construction, demolition, furnishing, equipping, and renovating of projects as authorized
4.25by law. Notwithstanding any law to the contrary, a portion or a phase of a transit capital
4.26improvement project may be accomplished with one or more state appropriations, and a
4.27transit capital improvement project need not be completed with any one appropriation.
4.28    (b) The council will review eligible transit capital improvement projects and must
4.29make allocations of state bond proceeds among such projects based upon the program
4.30standards of this subdivision and the following specific criteria:
4.31    (1) the ability to use nonstate funds to match state funds, including use of all
4.32available federal funds for a project;
4.33    (2) expansion of transit capital improvements and use by the public;
4.34    (3) urgency in providing for the transit capital improvement;
4.35    (4) necessity in ensuring transportation options;
4.36    (5) consistency with the council's transportation policy plan; and
5.1    (6) additional criteria for priorities otherwise specified in state law, statute, rule, or
5.2regulation applicable to a transit capital improvement, including the state law authorizing
5.3the state bond fund appropriation for the transit capital improvement.
5.4    (c) Criteria can be stated only in general terms, since it is a purpose of the program
5.5to improve the allocation of limited amounts of available funds by enlisting the knowledge
5.6and experience of the council in determining relative needs as they develop.
5.7    (d) The criteria in paragraph (b) are not listed in a rank order of priority.
5.8    (e) The council may enter into a memorandum of understanding or agreement with a
5.9county or county regional rail authority to carry out the activities of this program.
5.10    Subd. 4. Report. By January 15 of each year, the council shall submit to the
5.11commissioner of finance, the chairs of the legislative committees or divisions that
5.12oversee appropriations to the council, and to the chairs of the senate and the house of
5.13representatives capital investment committees, a list of the projects that have been funded
5.14with state general obligation bond proceeds under this program during the preceding
5.15calendar year, as well as a list of those projects for which state general obligation bond
5.16proceeds appropriations are anticipated to be sought under this program during that year's
5.17legislative session.
5.18EFFECTIVE DATE; APPLICATION.This section applies in the counties of
5.19Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington."
5.20Renumber the sections in sequence and correct the internal references
5.21Amend the title accordingly