HF 2894
1st Engrossment - 86th Legislature (2009 - 2010)
Posted on 04/21/2010 09:28 a.m.
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A bill for an act
relating to natural resources; increasing watershed district borrowing authority;
amending Minnesota Statutes 2008, section 103D.335, subdivision 17.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, section 103D.335, subdivision 17, is amended to
read:
Subd. 17.
Borrowing funds.
new text begin (a) new text end The managers may borrow funds from an agency
of the federal government, a state agency, a county where the watershed district is located
in whole or in part, or a financial institution authorized under chapter 47 to do business
in this state. A county board may lend the amount requested by a watershed district. A
watershed district may not have more than a total of $600,000 in loans from counties and
financial institutions under this subdivision outstanding at any time.
new text begin
(b) Notwithstanding paragraph (a), a watershed district may have up to a total
of $2,000,000 in loans from counties and financial institutions under this subdivision
outstanding at any time if the taxable market value of property within the watershed
district is more than $500,000,000.
new text end