116J.424 IRON RANGE RESOURCES AND REHABILITATION BOARD
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.
History: 1999 c 223 art 2 s 24; 1Sp2001 c 5 art 6 s 1; 1Sp2003 c 4 s 1