Minnesota Session Laws - 2001, Regular Session

                            CHAPTER 102-S.F.No. 1258 
                  An act relating to economic development; modifying 
                  provisions of the Minnesota investment fund; amending 
                  Minnesota Statutes 2000, section 116J.8731, 
                  subdivision 2. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 2000, section 116J.8731, 
        subdivision 2, is amended to read: 
           Subd. 2.  [ADMINISTRATION.] The commissioner shall 
        administer the fund as part of the Small Cities Development 
        Block Grant Program.  Funds shall be made available to local 
        communities and recognized Indian tribal governments in 
        accordance with the rules adopted for economic development 
        grants in the small cities community development block grant 
        program, except that all units of general purpose local 
        government are eligible applicants for Minnesota investment 
        funds.  A home rule charter or statutory city, county, or town 
        may loan or grant money received from repayment of funds awarded 
        under this section to a regional development commission, other 
        regional entity, or statewide community capital fund as 
        determined by the commissioner, to capitalize or to provide the 
        local match required for capitalization of a regional or 
        statewide revolving loan fund. 
           Presented to the governor May 11, 2001 
           Signed by the governor May 15, 2001, 2:00 p.m.