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HF 3957

as introduced - 90th Legislature (2017 - 2018) Posted on 03/19/2018 03:01pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to economic development; modifying restrictions on local government
loan repayment funds.

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

Section 1. new text begin USE OF LOCAL GOVERNMENT LOAN REPAYMENT FUNDS.
new text end

new text begin Notwithstanding Minnesota Statutes, section 116J.8731, and any law to the contrary, a
home rule charter or statutory city, county, or town may, before July 1, 2018, commit money
received from the repayment of funds awarded under Minnesota Statutes, section 116J.8731,
to a business revolving loan fund partially funded by the federal government. Once
committed, funds may be used for any purpose allowed by the federal program.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from January 1, 2007.
 new text end