2003 Minnesota Statutes

     116J.424 IRRRB contribution. 

    The commissioner of the Iron Range Resources and 
 Rehabilitation Board with approval of the board shall provide an 
 equal match for any loan or equity investment made for a 
 facility located in the tax relief area defined in section 
 273.134, paragraph (b), by the Minnesota minerals 21st century 
 fund created by section 116J.423.  The match may be in the form 
 of a loan or equity investment, notwithstanding whether the fund 
 makes a loan or equity investment.  The state shall not acquire 
 an equity interest because of an equity investment or loan by 
 the board and the board at its sole discretion shall decide what 
 interest it acquires in a project.  The commissioner of 
 employment and economic development may require a commitment 
 from the board to make the match prior to disbursing money from 
 the fund. 

    HIST: 1999 c 223 art 2 s 24; 1Sp2001 c 5 art 6 s 1; 1Sp2003 c 
 4 s 1