HF 3100

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to economic development; modifying the 
  1.3             tourism loan program; appropriating money; amending 
  1.4             Minnesota Statutes 1994, section 116J.617, subdivision 
  1.5             2. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 116J.617, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [ELIGIBLE BORROWER.] To receive a loan under this 
  1.10  section, the borrower must be a sole proprietorship, 
  1.11  partnership, or corporation engaged in a tourism-related 
  1.12  business or other entity that is defined by the standard 
  1.13  industrial classification codes of 5812, 5813, 7011 and, or 7033 
  1.14  as set out in the Code of Federal Regulations, title 13, section 
  1.15  121.2 121.601.  Loans to entities defined by standard industrial 
  1.16  classification code 5812 or 5813 are available only if the funds 
  1.17  are used to make capital improvements to comply with federal and 
  1.18  state safe drinking water requirements.  An eligible borrower 
  1.19  under this section must maintain the business or other entity as 
  1.20  a tourism-related entity as defined by this subdivision during 
  1.21  the term of the loan.  An eligible borrower may not receive a 
  1.22  loan or loan guarantee under this section if the borrower has 
  1.23  received a tourism-related loan, loan participation, or 
  1.24  guarantee made by the state in the past 36 months. 
  1.25     Sec. 2.  [APPROPRIATION.] 
  2.1      $2,500,000 is appropriated from the general fund to the 
  2.2   commissioner of the department of trade and economic development 
  2.3   for the purpose of section 1. 
  2.4      Sec. 3.  [EFFECTIVE DATE.] 
  2.5      Sections 1 and 2 are effective on the day following final 
  2.6   enactment.