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S.F. No. 2462 - Buffalo Ridge Regional Railroad Authority Loan Forgiveness Agreement
Author: Senator Jim Vickerman
Prepared by: Krista Boyd, Fiscal Analyst (651/296-7681)

Bonnie Berezovsky, Senate Counsel (651/296-9191)

Date: March 13, 2008

Section 1, paragraph (a), requires the state of Minnesota to enter into an agreement to forgive approximately $2,851,118 in loans made to the Buffalo Ridge Regional Railroad Authority, or to convert the loans to grants. The loans were made to the Authority, established by Rock and Nobles Counties, to purchase and rehabilitate 41.4 miles of rail line.

Paragraph (b), states that the agreement must ensure that the railroad authority and counties satisfy all terms, provisions and conditions of the loan.

KB/BB:rer




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