1997 Minnesota Statutes

     41A.066 Hazardous waste processing facility loans. 

    Subdivision 1.    Authority to make loans.  The 
 Minnesota agricultural and economic development board may make, 
 purchase, or participate in making or purchasing hazardous waste 
 processing facility loans in any amount, and may enter into 
 commitments therefor.  A private person proposing to develop and 
 operate a hazardous waste processing facility is eligible to 
 apply for a loan under this subdivision.  Applications must be 
 made to the Minnesota agricultural and economic development 
 board.  The Minnesota agricultural and economic development 
 board shall approve the application and make the loan if money 
 is available for it and if the Minnesota agricultural and 
 economic development board finds that:  

    (1) development and operation of the facility as proposed 
 by the applicant is economically feasible; 

    (2) there is a reasonable expectation that the principal 
 and interest on the loan will be fully repaid; and 

    (3) the facility is unlikely to be developed and operated 
 without a loan from the Minnesota agricultural and economic 
 development board.  

    The Minnesota agricultural and economic development board 
 and the office of waste management shall establish coordinated 
 procedures for loan application, certification, and approval.  

    The Minnesota agricultural and economic development board 
 may use the Minnesota agricultural and economic development 
 account to provide financial assistance to any person whose 
 hazardous waste processing facility loan application has been 
 certified by the office of environmental assistance and approved 
 by the Minnesota agricultural and economic development board, 
 and for this purpose may exercise the powers granted in 
 Minnesota Statutes 1986, section 116M.06, subdivision 2, with 
 respect to any loans made or bonds issued under this subdivision 
 regardless of whether the applicant is an eligible small 
 business.  

    The Minnesota agricultural and economic development board 
 may issue bonds and notes in the aggregate principal amount of 
 $10,000,000 for the purpose of making, purchasing, or 
 participating in making or purchasing hazardous waste processing 
 facility loans.  

    Subd. 2.    Minnesota energy and economic development 
 authority; successor status.  Notwithstanding the repeal of 
 section 116M.07, subdivision 9, the Minnesota agricultural and 
 economic development board is the legal successor in all 
 respects of the Minnesota energy and economic development 
 authority for the hazardous waste processing facility loan 
 program for a project or facility described under Minnesota 
 Statutes 1986, section 116M.03, subdivision 15, with respect to 
 which the Minnesota energy and economic development authority 
 passed a preliminary resolution before May 1, 1987.  All 
 resolutions of the Minnesota energy and economic development 
 authority relating to the projects or facilities are the 
 resolutions of the Minnesota agricultural and economic 
 development board. 

    HIST: 1987 c 386 art 9 s 20; 1989 c 335 art 1 s 269; art 4 s 
 106; 1991 c 199 art 1 s 8; 1995 c 247 art 2 s 54; 1996 c 305 art 
 2 s 6