MN SF3427

Amends Minnesota Statutes 2008, section 473.388, subdivision 4 to change the financial assistance formula for cities and towns providing replacement transit service.

Increases the state revenue percentage used in the assistance calculation from 3.74 percent to 6.25 percent of state revenues generated from sales taxes under chapter 297B.

Requires the Metropolitan Council to grant requested financial assistance if the proposed replacement service meets the applying city or town's needs at least as efficiently and effectively as existing service.

Bases minimum assistance amounts on each municipality's 2001 transit operating assistance grants or tax revenues, adjusted by ratios reflecting current state sales tax revenues and changes in taxable market values between 2001 and 2006.

Specifies that the Council shall pay assistance amounts from funds received in the metropolitan area transit account under section 16A.88.