Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                         CHAPTER 1-H.F.No. 336 
           An act relating to public finance; providing for 
          allocation of 1984 state private activity bond 
          issuance authority; proposing coding for new law in 
          Minnesota Statutes, chapter 474. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [474.191] [CARRYFORWARD ALLOCATION OF 1984 
ISSUANCE AUTHORITY.] 
    The department of energy and economic development shall 
allocate any amount of the state private activity bond issuance 
authority for calendar year 1984 pursuant to a federal 
limitation act which is not used on or before December 31, 1984, 
by any issuer or allocated to a project eligible for 
carryforward treatment pursuant to Laws 1984, chapter 582, to 
issuers for projects which qualify for carryforward treatment of 
private activity bond issuance authority under a federal 
limitation act and regulations thereunder.  An issuer which 
desires an allocation pursuant to this section must submit an 
application to the department on or before the last date on 
which an election may be filed to carry forward unused private 
activity bond issuance authority pursuant to a federal 
limitation act and regulations thereunder.  The application must 
contain the following information:  
    (1) the name and address of the issuer;  
    (2) a description of the project for which an allocation of 
private activity bond issuance authority is requested (the 
higher education coordinating board may satisfy the requirements 
of this clause by stating that the bond proceeds are intended to 
be used for student loans);  
    (3) the amount of bond issuance authority requested; and 
    (4) a certification of the issuer that the project to which 
the application relates qualifies for carryforward treatment of 
allocated 1984 private activity bond issuance authority 
according to the terms of a federal limitation act and 
regulations thereunder.  
    Applications submitted pursuant to this section need not be 
accompanied by an application deposit or preliminary 
resolution.  The department shall award allocations of 1984 
private activity bond issuance authority to applications in the 
order in which applications are received by the department.  The 
department shall return the application deposits made by 
applicants for a carryover allocation pursuant to section 
474.19, subdivision 7.  The amount necessary to pay the refund 
of application deposits is appropriated to the department of 
energy and economic development from the general fund.  The 
department shall not award any allocation of 1984 private 
activity bond issuance authority pursuant to this section to any 
application which does not comply with clause (4).  
    For purposes of this section, "issuer" means a local issuer 
or the higher education coordinating board. 
    Sec. 2.  [EFFECTIVE DATE.] 
    This act is effective the day after final enactment. 
    Approved February 21, 1985