Minnesota Legislature
HF 2894
1st Committee Engrossment - 86th Legislature (2009 - 2010) Posted on 03/19/2013 07:29pm
KEY: stricken = removed, old language.
underscored = added, new language.
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. (a) 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(b) Notwithstanding paragraph (a), a watershed district may have up to a total
1.14of $2,000,000 in loans from counties and financial institutions under this subdivision
1.15outstanding at any time if the taxable market value of property within the watershed
1.16district is more than $500,000,000.
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. (a) 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(b) Notwithstanding paragraph (a), a watershed district may have up to a total
1.14of $2,000,000 in loans from counties and financial institutions under this subdivision
1.15outstanding at any time if the taxable market value of property within the watershed
1.16district is more than $500,000,000.