1.1                          A bill for an act 
  1.2             relating to economic development; providing for 
  1.3             transfer of assets and liabilities of Minnesota 
  1.4             Business Finance, Inc.; appropriating money; repealing 
  1.5             Minnesota Statutes 1994, sections 13.99, subdivision 
  1.6             27c; 116S.01; 116S.02; 116S.03; 116S.04; 116S.05; 
  1.7             116S.06; 116S.07; 116S.08; 116S.09; 116S.10; and 
  1.8             116S.11. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  [TRANSFER.] 
  1.11     (a) The assets and liabilities of Minnesota Business 
  1.12  Finance, Inc. must be transferred to a private nonprofit 
  1.13  corporation engaged in economic development activities in 
  1.14  Minnesota upon a determination by the commissioner of finance 
  1.15  that: 
  1.16     (1) the private corporation has transferred to the state an 
  1.17  amount equal to state appropriations to Minnesota Business 
  1.18  Finance, Inc., which amount is estimated to be $192,081; and 
  1.19     (2) the private corporation will assume any outstanding 
  1.20  liabilities or other obligations of Minnesota Business Finance, 
  1.21  Inc. 
  1.22     (b) Upon transfer of the assets and liabilities under this 
  1.23  section, Minnesota Business Finance, Inc. ceases to be a public 
  1.24  corporation and is not subject to laws governing state agencies 
  1.25  or political subdivisions.  
  1.26     (c) Upon transfer of assets and liabilities under this 
  1.27  section, the private nonprofit corporation to which assets and 
  2.1   liabilities are transferred has all rights to the name 
  2.2   "Minnesota Business Finance, Inc." 
  2.3      Sec. 2.  [APPROPRIATION.] 
  2.4      Funds returned to the state under section 1 are 
  2.5   appropriated to the commissioner of trade and economic 
  2.6   development. 
  2.7      Sec. 3.  [REPEALER.] 
  2.8      Minnesota Statutes 1994, sections 13.99, subdivision 27c; 
  2.9   116S.01; 116S.02; 116S.03; 116S.04; 116S.05; 116S.06; 116S.07; 
  2.10  116S.08; 116S.09; 116S.10; and 116S.11, are repealed. 
  2.11     Sec. 4. [EFFECTIVE DATE.] 
  2.12     Sections 1 and 2 are effective the day following final 
  2.13  enactment.  Section 3 is effective upon a certification by the 
  2.14  commissioner of finance that assets and liabilities have been 
  2.15  transferred under section 1.