SF 4335

as introduced - 91st Legislature (2019 - 2020) Posted on 03/17/2020 12:13pm

A bill for an act
relating to taxation; allowing municipal gas agencies to prepay for electricity;
amending Minnesota Statutes 2018, section 453A.04, subdivision 21.

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

Section 1.

Minnesota Statutes 2018, section 453A.04, subdivision 21, is amended to read:

Subd. 21.

All other powers.

new text begin (a) new text end It may exercise all other powers not inconsistent with
the Constitution of the state of Minnesota or the United States Constitution, which powers
may be reasonably necessary or appropriate for or incidental to the effectuation of its
authorized purposes or to the exercise of any of the powers enumerated in this section, and
generally may exercise in connection with its property and affairs, and in connection with
property within its control, any and all powers which might be exercised by a natural person
or a private corporation in connection with similar property and affairs.

new text begin (b) It may exercise the powers of a municipal power agency under chapter 453 for the
limited purpose of engaging in tax-exempt prepayments and related transactions (1) described
in section 148(b)(4) of the Internal Revenue Code of 1986, as amended, or Code of Federal
Regulations, title 26, part 1, section 1.148-1(e)(2)(iii), both as may be amended from time
to time, or (2) as may be otherwise authorized by statute or the commissioner of revenue.
new text end