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Minnesota Legislature

Office of the Revisor of Statutes

HF 2420

as introduced - 91st Legislature (2019 - 2020) Posted on 03/14/2019 04:11pm

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

Bill Text Versions

Engrossments
Introduction Posted on 03/12/2019

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 1.14 1.15 1.16 1.17 1.18 1.19 1.20 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13

A bill for an act
relating to child care; appropriating money for child care site assistance; requiring
reports.

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

Section 1. new text beginFIRST CHILDREN'S FINANCE CHILD CARE SITE ASSISTANCE;
APPROPRIATION.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $2,500,000 in fiscal year 2020 and $2,500,000 in fiscal
year 2021 are appropriated from the general fund to the commissioner of human services
for a grant to First Children's Finance to make loans to improve child care or early childhood
education sites, or loans to plan, design, and construct or expand licensed and legal unlicensed
sites to increase the availability of child care or early childhood education.
new text end

new text begin Subd. 2. new text end

new text begin Financing program. new text end

new text begin (a) First Children's Finance shall use the money to:
new text end

new text begin (1) establish a revolving loan fund to make loans to existing, expanding, and newly
licensed and legally unlicensed child care and early childhood education sites;
new text end

new text begin (2) establish a fund to guarantee private loans to improve or construct a child care or
early childhood education site;
new text end

new text begin (3) establish a fund to provide forgivable loans or grants to match all or part of a loan
made under this section;
new text end

new text begin (4) establish a fund as a reserve against bad debt; and
new text end

new text begin (5) establish a fund to provide business planning assistance for child care providers.
new text end

new text begin (b) First Children's Finance shall establish the terms and conditions for loans and loan
guarantees including interest rates, repayment agreements, private match requirements, and
conditions for loan forgiveness. A minimum interest rate for loans must be established to
ensure that necessary loan administration costs are covered. Interest earnings may be used
for administrative expenses.
new text end

new text begin Subd. 3. new text end

new text begin Reporting. new text end

new text begin First Children's Finance shall:
new text end

new text begin (1) by September 30 each year, report to the commissioner of human services the purposes
for which the money was used during the past fiscal year, including a description of projects
supported by the financing, an account of loans made during the calendar year, the financing
program's assets and liabilities, and an explanation of administrative expenses; and
new text end

new text begin (2) annually submit to the commissioner of human services a copy of the report of an
independent audit performed in accordance with generally accepted accounting practices
and auditing standards.
new text end