HF 4603

1st Engrossment - 91st Legislature (2019 - 2020) Posted on 05/07/2020 01:57pm

A bill for an act
relating to transferring money to the 21st century fund; modifying small business
emergency loans; amending Minnesota Statutes 2018, section 16A.152, subdivision 2; Laws 2020, chapter 71, article 1, section 11.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 16A.152, subdivision 2, is amended to read:

Subd. 2.

Additional revenues; priority.

(a) If on the basis of a forecast of general fund
revenues and expenditures, the commissioner of management and budget determines that
there will be a positive unrestricted budgetary general fund balance at the close of the
biennium, the commissioner of management and budget must allocate money to the following
accounts and purposes in priority order:

(1) the cash flow account established in subdivision 1 until that account reaches
$350,000,000;

(2) the budget reserve account established in subdivision 1a until that account reaches
$1,596,522,000;

(3) the amount necessary to increase the aid payment schedule for school district aids
and credits payments in section 127A.45 to not more than 90 percent rounded to the nearest
tenth of a percent without exceeding the amount available and with any remaining funds
deposited in the budget reserve;

(4) the amount necessary to restore all or a portion of the net aid reductions under section
127A.441 and to reduce the property tax revenue recognition shift under section 123B.75,
subdivision 5, by the same amount; deleted text begin and
deleted text end

(5) the clean water fund established in section 114D.50 until $22,000,000 has been
transferred into the fund deleted text begin . deleted text end new text begin ; and
new text end

new text begin (6) the amount necessary to increase the Minnesota 21st century fund by not more than
the difference between $5,000,000 and the sum of the amounts credited and canceled to it
in the previous 12 months under Laws 2020, chapter 71, article 1, section 11, until the sum
of all transfers under this section and all amounts credited or canceled under Laws 2020,
chapter 71, article 1, section 11, equals $20,000,000.
new text end

(b) The amounts necessary to meet the requirements of this section are appropriated
from the general fund within two weeks after the forecast is released or, in the case of
transfers under paragraph (a), clauses (3) and (4), as necessary to meet the appropriations
schedules otherwise established in statute.

(c) The commissioner of management and budget shall certify the total dollar amount
of the reductions under paragraph (a), clauses (3) and (4), to the commissioner of education.
The commissioner of education shall increase the aid payment percentage and reduce the
property tax shift percentage by these amounts and apply those reductions to the current
fiscal year and thereafter.

(d) Paragraph (a), clause (5), expires after the entire amount of the transfer has been
made.

Sec. 2.

Laws 2020, chapter 71, article 1, section 11, is amended to read:

Sec. 11. TRANSFERS; SMALL BUSINESS EMERGENCY LOAN PROGRAM.

new text begin (a) new text end Notwithstanding Minnesota Statutes, sections 116J.423 and 116J.8731, in fiscal year
2020, the following amounts are transferred to the small business emergency loan account
in the special revenue fund under Minnesota Statutes, section 116M.18, subdivision 9:

(1) $20,000,000 from the special revenue fund account of the Minnesota 21st century
fund under Minnesota Statutes, section 116J.423, subdivision 1; and

(2) $10,000,000 from the Minnesota investment revolving loan account under Minnesota
Statutes, section 116J.8731, subdivision 5, in the special revenue fund.

Transferred amounts are appropriated to the commissioner of employment and economic
development to make loans as set forth in Governor's Executive Order 20-15, Providing
Immediate Relief to Small Businesses During the COVID-19 Peacetime Emergency. All
loan repayments are credited proportionately to the accounts from which the loan amounts
were originally transferred. Any amounts remaining in the small business emergency loan
account that are unexpended and unobligated at the close of the fiscal year cancel
proportionately to the accounts from which the amounts were originally transferred.

new text begin (b) Beginning the day following the day in which the total amount transferred under
Minnesota Statutes, section 16A.152, and from repayments of loans and cancellations of
funds under this section to the Minnesota 21st century fund equals $20,000,000, all further
repayments of loans to the Minnesota 21st century fund under this section are transferred
to the general fund.
new text end