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SF 1456

2nd Engrossment - 90th Legislature (2017 - 2018) Posted on 05/22/2017 10:34am

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

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

Section 1. new text begin ONETIME EXCEPTION TO RESTRICTIONS ON USE OF MINNESOTA
INVESTMENT FUND LOCAL GOVERNMENT LOAN REPAYMENT FUNDS.
new text end

new text begin Notwithstanding Minnesota Statutes, section 116J.8731, a home rule charter or statutory
city, county, or town that has uncommitted money received from repayment of funds awarded
under Minnesota Statutes, section 116J.8731, may choose to transfer 20 percent of the
balance of that money to the state general fund before June 30, 2018. Any local entity that
does so may then use the remaining 80 percent of the uncommitted money for any lawful
economic development purpose, including community development planning and loans to
retail businesses, but excluding purposes otherwise prohibited by Minnesota Statutes, section
116J.8731.
 new text end