222.55 RAIL USER AND RAIL CARRIER LOAN GUARANTEE PROGRAM; PURPOSE. In order to aid rail users in obtaining credit for participation in contracts for rail line and rolling stock rehabilitation, acquisition, or installation and for paying the costs of capital improvements necessary to improve rail service or reduce the impact of discontinuance of rail service, […]
222.56 DEFINITIONS. Subdivision 1. Scope. For purposes of sections 222.55 to 222.62 the terms defined in this section have the meanings given. Subd. 1a. Account. “Account” means the rail user loan guarantee account created by section 222.57. Subd. 2. Commissioner. “Commissioner” means the commissioner of transportation. Subd. 3. [Renumbered subd 1a] Subd. 3a. Guarantee. “Guarantee” […]
222.57 RAIL USER AND RAIL CARRIER LOAN GUARANTEE ACCOUNT. There is created a rail user and rail carrier loan guarantee account as a separate account in the rail service improvement account, which shall be used by the commissioner for carrying out the provisions of sections 222.55 to 222.62 with respect to loans insured under section […]
222.58 INSURANCE OF LOAN. Subdivision 1. Authorization. The commissioner is authorized, upon application by the lender, to insure any eligible loan as provided in this section and, under such terms as the commissioner may prescribe by rule, to make commitments for insuring such loans prior to the date of their execution or disbursement. Subd. 2. […]
222.59 INVESTMENT OF FUNDS. Money in the account not needed for the current operations of the commissioner related to insurance under section 222.58 may be deposited with the State Board of Investment. The Board of Investment may invest this money as provided for investment of moneys in the state treasury by section 11A.25. All interest […]
222.60 MAXIMUM AMOUNT OF INSURANCE ISSUED. Subdivision 1. Related to account balance. The commissioner shall not at any time issue insurance under section 222.58 aggregating in excess of an amount equal to the current balance contained in the account multiplied by ten. Subd. 2. When account balance falls. Any insurance properly issued under the provisions […]
222.62 COOPERATION OF OTHER STATE AGENCIES. Upon the request of the commissioner, the commissioner of employment and economic development and the commissioner of commerce shall provide technical assistance and shall otherwise cooperate in carrying out the provisions of sections 222.55 to 222.62. History: 1978 c 667 s 8; 1980 c 516 s 2; 1981 c […]
