SF 1477

Introduction - 85th Legislature (2007 - 2008)

Posted on 12/15/2009 12:00 a.m.

A bill for an act
relating to natural resources; modifying restrictions on surety bonds for auction
timber permits; amending Minnesota Statutes 2006, section 90.161, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2006, section 90.161, is amended by adding a
subdivision to read:

new text begin Subd. 1a. new text end

new text begin Change of security. new text end

new text begin Before any harvest activity, a purchaser having
posted a bond for 100 percent of the purchase price of a sale may request the release of the
bond and the commissioner shall grant the release upon cash payment plus interest to the
commissioner of the downpayment requirement of the sale.
new text end