SF 5059

Introduction - 94th Legislature (2025 - 2026)

Posted on 04/10/2026 09:31 a.m.

A bill for an act
relating to economic development; temporarily modifying the restrictions on use
of Minnesota investment fund local government loan repayment funds; requiring
a report.

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

Section 1. new text begin ONETIME EXCEPTION TO RESTRICTIONS ON USE OF MINNESOTA
INVESTMENT FUND LOCAL GOVERNMENT LOAN REPAYMENT FUNDS.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 116J.8731, a home rule charter or
statutory city, county, or town that has uncommitted money received from repayment of
funding awarded under Minnesota Statutes, section 116J.8731, may choose to transfer 20
percent of the balance of the uncommitted money to the state general fund before June 30,
2027. Any local entity choosing to transfer the balance under this paragraph may then use
the remaining 80 percent of the uncommitted money as a general purpose aid for any lawful
expenditure.
new text end

new text begin (b) By February 15, 2028, a home rule charter or statutory city, county, or town that
exercises the option under paragraph (a) shall submit to the chairs and ranking minority
members of the legislative committees with jurisdiction over economic development policy
and finance an accounting and explanation of the use and distribution of the money.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2026.
new text end