HF 2894

1st Committee Engrossment - 86th Legislature (2009 - 2010)

Posted on 03/19/2013 07:29 p.m.

1.1A bill for an act 1.2relating to natural resources; increasing watershed district borrowing authority; 1.3amending Minnesota Statutes 2008, section 103D.335, subdivision 17. 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.5    Section 1. Minnesota Statutes 2008, section 103D.335, subdivision 17, is amended to 1.6read: 1.7    Subd. 17. Borrowing funds. new text begin (a) new text end The managers may borrow funds from an agency 1.8of the federal government, a state agency, a county where the watershed district is located 1.9in whole or in part, or a financial institution authorized under chapter 47 to do business 1.10in this state. A county board may lend the amount requested by a watershed district. A 1.11watershed district may not have more than a total of $600,000 in loans from counties and 1.12financial institutions under this subdivision outstanding at any time. 1.13 new text begin (b) Notwithstanding paragraph (a), a watershed district may have up to a total new text end 1.14 new text begin of $2,000,000 in loans from counties and financial institutions under this subdivision new text end 1.15 new text begin outstanding at any time if the taxable market value of property within the watershed new text end 1.16 new text begin district is more than $500,000,000. new text end