HF 1869

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:56am

A bill for an act
relating to capital investment; authorizing the sale and issuance of bonds;
appropriating money for an entrepreneurship and technology business incubator.

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

Section 1. new text begin ENTREPRENEURSHIP AND TECHNOLOGY BUSINESS
INCUBATOR; PINE TECHNICAL COLLEGE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $1,200,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a matching
grant to the Board of Trustees of the Minnesota State Colleges and Universities for
Pine Technical College to design, construct, furnish, and equip an entrepreneurship
and technology business incubator at Pine Technical College. This appropriation is not
available until the board determines that at least an equal match has been committed
from nonstate sources, including a grant from the United States Economic Development
Administration.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in subdivision 1 from
the bond proceeds fund, the commissioner of finance shall sell and issue bonds of the
state in an amount up to $1,200,000 in the manner, upon the terms, and with the effect
prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota
Constitution, article XI, sections 4 to 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end