Minnesota Session Laws - 1986, Regular Session

  

                         Laws of Minnesota 1986 

                        CHAPTER 360-H.F.No. 2068 
           An act relating to the city of Litchfield; permitting 
          certain investments of municipal power agency funds. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [LITCHFIELD; UTILITY; LOANS.] 
    Subject to any agreement with bondholders or noteholders, 
the commission or board charged with the operation of the 
Litchfield city municipal power agency may, with the approval of 
the Litchfield governing body, loan not more than $750,000 from 
the agency's public utility fund to a public or private body for 
the development or redevelopment of industrial property as it 
deems prudent, notwithstanding the provisions of any other law 
relating to the investment of public funds.  The authority 
granted by this section is in addition to any other provided by 
law and expires January 1, 1988.  
    Sec. 2.  [LOCAL APPROVAL.] 
    This act is effective the day after compliance with 
Minnesota Statutes, section 645.021, subdivision 3, by the 
governing body of the city of Litchfield. 
    Approved March 19, 1986