1997 Minnesota Statutes

     116J.57 Underground petroleum tank replacement loan 
  program. 

    Subdivision 1.    Loan program.  (a) The commissioner 
 shall establish and implement an underground petroleum tank 
 replacement loan program to facilitate the continued operation 
 of small gasoline retailers, as defined in section 115C.09, 
 subdivision 3f, paragraph (a), in this state. 

    (b) The commissioner may make a direct loan for the cost of 
 a replacement tank to a small gasoline retailer who has 
 dispensed less than 500,000 gallons of motor fuel during the 
 previous year who demonstrates an ability to repay the loan.  
 The interest rate on the loan shall not exceed three percent per 
 year, and the term of the loan may not exceed seven years.  
 Loans made under this subdivision may not exceed $10,000 or the 
 total out-of-pocket expenses of the small gasoline retailer for 
 tank replacement, whichever is less.  Payments on the principal 
 shall be credited to the petroleum tank fund under section 
 115C.08.  The interest payments must be deposited in the state 
 treasury and credited to an account in the special revenue 
 fund.  Money in this account is appropriated to the commissioner 
 for administrative expenses of the underground petroleum tank 
 replacement loan program. 

    Subd. 2.    Appropriation.  An amount necessary is 
 appropriated from the petroleum tank release cleanup fund to the 
 commissioner of trade and economic development for the 
 underground petroleum tank replacement loan program established 
 under this section. 

    Subd. 3.    Expiration.  This section expires January 1, 
 2000.  

    HIST: 1997 c 246 s 17