HF 1736

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to economic development; creating a loan fund 
  1.3             for taconite plant capital improvements; appropriating 
  1.4             money; proposing coding for new law in Minnesota 
  1.5             Statutes, chapter 116J. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [116J.952] [TACONITE LOAN FUND.] 
  1.8      Subdivision 1.  [CREATION.] The taconite plant capital 
  1.9   improvement revolving loan account is created in the special 
  1.10  revenue fund in the state treasury.  Earnings, gains, and other 
  1.11  income of the account must be credited to the account.  Money in 
  1.12  the account is appropriated to the commissioner of trade and 
  1.13  economic development for the purposes of this section.  Loan 
  1.14  repayments must be deposited in the account.  
  1.15     Subd. 2.  [ELIGIBLE LOANS.] The commissioner may make loans 
  1.16  from the account for the purpose of paying, in whole or in part, 
  1.17  for capital improvements at taconite plants located in the tax 
  1.18  relief area described in section 273.134.  
  1.19     Subd. 3.  [LOAN APPLICATIONS.] The commissioner shall 
  1.20  accept applications for loans from persons operating taconite 
  1.21  plants.  Loans may be made at any time upon the determination by 
  1.22  the commissioner that the loan is for an authorized purpose.  
  1.23     Subd. 4.  [LOAN TERMS.] Loans must be for a duration of no 
  1.24  more than 30 years, must be amortized, and must be repaid 
  1.25  without interest.  Loans may be secured or unsecured.  
  2.1      Sec. 2.  [APPROPRIATION.] 
  2.2      $100,000,000 is appropriated from the general fund to the 
  2.3   commissioner of trade and economic development for deposit in 
  2.4   the taconite plant capital improvement revolving loan account.  
  2.5   The appropriation does not cancel.