SF 3603

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; modifying loan repayment provision;
amending Laws 1999, chapter 223, article 2, section 72.

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

Section 1.

Laws 1999, chapter 223, article 2, section 72, is amended to read:

Sec. 72. UPPER RED LAKE BUSINESS LOAN PROGRAM.

The commissioner of trade and economic development must make loans to
businesses in the Upper Red Lake area that have been severely affected by the significant
decline of the walleye fishing resource in Upper Red Lake. The loans may only be
made to businesses that operated in 1998. A business must submit an application to the
commissioner on forms provided by the commissioner. The application must include a
business plan for continued operation, with the assistance of the loan, until the walleye
fishing resource recovers. The commissioner shall allocate available loan funds to a
business based on the commissioner's evaluation of the probable success of its business
plan. A loan shall be for a maximum amount of $75,000 and a duration of ten years from
the date of the loan and shall be interest free. Repayment of a loan in monthly payments
of 1/120 of the original principal amount must begin no later than one year after walleye
fishing on Upper Red Lake is deleted text begin allowed by the department of natural resources deleted text end new text begin recovered to
a bag limit of six fish new text end . Any principal balance remaining at the end of the ten-year period
shall be forgiven if the business continues in operation for the ten-year period. Loan
repayments shall be deposited in the general fund.

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end