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Office of the Revisor of Statutes

HF 2997

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/20/2023 02:12pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 03/20/2023

Current Version - as introduced

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A bill for an act
 relating to economic development; establishing the Minnesota forward fund;
appropriating money for bioindustrial manufacturing.

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

Section 1. new text begin MINNESOTA FORWARD FUND CREATION, TRANSFER, AND
APPROPRIATION.
new text end

new text begin Subdivision 1. new text end

new text begin Created. new text end

new text begin The Minnesota forward fund is created in the state treasury.
For the purpose of this section, "fund" means the Minnesota forward fund.
 new text end

new text begin Subd. 2. new text end

new text begin Use of fund. new text end

new text begin The fund is used to make loans, including forgivable loans, equity
investments, or grants for infrastructure or large-scale economic development projects.
 new text end

new text begin Subd. 3. new text end

new text begin Transfer. new text end

new text begin $100,000,000 is transferred on July 1, 2023, from the general fund
to the Minnesota forward fund. This is a onetime transfer.
 new text end

new text begin Subd. 4. new text end

new text begin Appropriation. new text end

new text begin $100,000,000 in fiscal year 2024 is appropriated from the
Minnesota forward fund to the commissioner of employment and economic development
for the purpose of matching $100,000,000 in existing federal funds made available by
Congress in the Consolidated Appropriations Act, 2023, Public Law 117-328, for the purpose
of constructing and operating a bioindustrial manufacturing pilot innovation facility,
biorefinery, and commercial campus utilizing agricultural feedstocks. This is a onetime
appropriation.
 new text end

new text begin Subd. 5. new text end

new text begin Sunset. new text end

new text begin This section expires on June 30, 2027. Any remaining balance in the
fund is canceled to the general fund.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2023.
 new text end