Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 412-H.F.No. 1862 
           An act relating to the city of Minneapolis; extending 
          authority to guarantee certain loans; eliminating 
          community resource funding for way to grow program; 
          amending Laws 1988, chapter 594, section 6; repealing 
          Minnesota Statutes 1990, section 466A.06, subdivision 
          2.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1988, chapter 594, section 6, is amended 
to read:  
    Sec. 6.  [SMALL BUSINESS LOANS.] 
    The city council or the agency may make or guarantee 
working capital loans in an aggregate principal amount not 
exceeding $450,000 outstanding at any time, subject to such 
terms and conditions as established by ordinance by the city, to 
expanding small businesses which are located in the city for the 
purpose of increasing the tax base and providing employment 
opportunities within the city.  As used in this subdivision, the 
term "small business" has the meaning given it in Minnesota 
Statutes, section 645.445, subdivision 2.  This section expires 
June 30, 1991.  
    Sec. 2.  [REPEALER.] 
    Minnesota Statutes 1990, section 466A.06, subdivision 2, is 
repealed. 
    Sec. 3.  [LOCAL APPROVAL.] 
    Section 1 takes effect the day after the governing body of 
the city of Minneapolis complies with Minnesota Statutes, 
section 645.021, subdivision 3.  Under Minnesota Statutes, 
section 645.023, subdivision 1, paragraph (b), section 2 takes 
effect without local approval. 
    Presented to the governor April 3, 1992 
    Signed by the governor April 7, 1992, 2:55 p.m.