SF 2119

1st Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to water; modifying restrictions on watershed 
  1.3             district borrowing; amending Minnesota Statutes 2000, 
  1.4             section 103D.335, subdivision 17. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 103D.335, 
  1.7   subdivision 17, is amended to read: 
  1.8      Subd. 17.  [BORROWING FUNDS.] The managers may borrow funds 
  1.9   from an agency of the federal government, a state agency, a 
  1.10  county where the watershed district is located in whole or in 
  1.11  part, or a financial institution authorized under chapter 47 to 
  1.12  do business in this state.  A county board may lend the amount 
  1.13  requested by a watershed district.  A watershed district may not 
  1.14  have more than a total of $200,000 $300,000 in loans from 
  1.15  counties and financial institutions under this subdivision 
  1.16  outstanding at any time that are not part of the projects of the 
  1.17  district secured by special assessments or other secured methods.