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Minnesota Legislature

Office of the Revisor of Statutes

HF 1620

as introduced - 90th Legislature (2017 - 2018) Posted on 05/12/2017 10:08am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13

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

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

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

new text begin Notwithstanding Minnesota Statutes, section 116J.8731, subdivision 2, a home rule
charter or statutory city, county, or town that has uncommitted money received from
repayment of funds awarded under Minnesota Statutes, section 116J.8731, may choose to
transfer 20 percent of the balance of that money to the state general fund before June 30,
2018. Any local entity that does so may then use the remaining 80 percent of the uncommitted
money for any purposes not otherwise forbidden by law other than Minnesota Statutes,
section 116J.8731.
new text end