Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                        CHAPTER 258-H.F.No. 1259 
           An act relating to the city of Minneapolis; extending 
          authority to guarantee certain loans; amending Laws 
          1988, chapter 594, section 6, as amended. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1988, chapter 594, section 6, as amended 
by Laws 1992, chapter 412, section 1, is amended to read: 
    Sec. 6.  [SMALL BUSINESS LOANS.] 
    The city council or the agency may make or guarantee 
working capital loans, 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 acquiring property or equipment, undertaking 
improvements, and providing working capital in order to increase 
the tax base and providing provide 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 shall mean a business entity, 
including but not limited to, any individual, partnership, 
corporation, joint venture, association, or cooperative which 
meets the industry size standards for small businesses as set 
forth in the Code of Federal Regulations, title 13, part 121, 
section 601, or a corporation organized under Minnesota 
Statutes, chapter 317A. 
    Sec. 2.  [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. 
    Presented to the governor May 15, 1993 
    Signed by the governor May 19, 1993, 8:26 a.m.