HF 3246

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to community development; providing a 
  1.3             disaster loan guarantee for the city of Ada; 
  1.4             appropriating money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [LOAN GUARANTEE.] 
  1.7      The director of the division of emergency management of the 
  1.8   department of public safety shall, as the governor's authorized 
  1.9   representative and on behalf of the state, agree to provide 
  1.10  security for and guarantee a promissory note or similar document 
  1.11  for a loan from the Federal Emergency Management Agency under 
  1.12  its community disaster loan program to the city of Ada in the 
  1.13  amount of approximately $1,200,000.  The loan is to cover 
  1.14  operating losses for a publicly owned health care facility that 
  1.15  was damaged in the spring floods of 1997. 
  1.16     Sec. 2.  [APPROPRIATION.] 
  1.17     $1,200,000 is appropriated from the general fund to the 
  1.18  commissioner of trade and economic development for the purpose 
  1.19  of providing the security and satisfying the guarantee described 
  1.20  in section 1.  This appropriation cancels only to the extent the 
  1.21  loan is forgiven or repaid or the security is not required by 
  1.22  the parties to the loan.