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16B.87 AWARD AND REPAYMENT OF PRODUCTIVITY LOANS.
    Subdivision 1. Committee. The Productivity Loan Committee consists of the commissioners
of administration, finance, revenue, and employee relations, and the state planning director. The
commissioner of administration serves as chair of the committee. The members serve without
compensation or reimbursement for expenses.
    Subd. 2. Award and terms of loans. An agency shall apply for a loan on a form provided
by the commissioner of administration. The committee shall review applications for loans and
shall award a loan based upon criteria adopted by the committee. The committee shall determine
the amount, interest, and other terms of the loan. The time for repayment of a loan may not
exceed five years.
    Subd. 3. Repayment. An agency receiving a loan under this section shall repay the loan
according to the terms of the loan agreement. The principal and interest must be paid to the
commissioner of administration who shall deposit it in the productivity loan fund.
    Subd. 4.[Repealed, 1997 c 7 art 2 s 67]
History: 1987 c 365 s 17

Official Publication of the State of Minnesota
Revisor of Statutes