1998 Minnesota Statutes

     446A.21 Once-through cooling conversion loans. 

    Subdivision 1.    Bonds and notes.  (a) The authority 
 shall provide loans, including no-interest loans, to public and 
 private entities for the capital costs incurred for the 
 replacement of once-through cooling systems with environmentally 
 acceptable cooling systems.  

    (b) The authority may issue its bonds and notes in the 
 manner provided under sections 446A.12 to 446A.20 to provide 
 money needed for the purposes of this section over and above the 
 amount appropriated to it for these purposes.  The principal 
 amount of bonds and notes issued and outstanding under this 
 section may not exceed $40,000,000 at any time.  The bonds and 
 notes issued to make loans under this section are not general 
 obligation bonds.  Section 446A.15, subdivision 6, does not 
 apply to the bonds and notes.  The bonding authority authorized 
 under this section is in addition to the bonding authority 
 authorized under section 446A.12, subdivision 1, and the 
 limitation on the amount of bonding authority imposed under 
 section 446A.12, subdivision 1, does not apply to the bonds 
 issued under this section.  The legislature intends not to 
 appropriate money from the general fund to pay for these bonds. 

    (c) Money appropriated to the authority and money provided 
 under section 446A.04, subdivision 3, for once-through cooling 
 conversion may be used by the authority for debt service on 
 bonds and notes, purchasing insurance, subsidizing below market 
 interest rates, and providing loans under this section. 

    Subd. 2.    Administration.  (a) An entity may apply to 
 the authority for a loan.  Within ten days of receipt, the 
 authority shall submit the application to the commissioner of 
 public service to determine whether the proposed cooling system 
 meets the energy efficiency criteria of the department.  The 
 commissioner of public service shall certify to the authority 
 whether the project meets the applicable energy efficiency 
 criteria.  The commissioner of public service shall adopt rules 
 establishing energy efficiency criteria for replacement cooling 
 systems.  

    (b) Within the limitation of available funds, the authority 
 may award a loan to a certified entity if the authority 
 determines that the entity has demonstrated the ability to repay 
 the loan under the terms negotiated under subdivision 3. 

    (c) The authority shall give priority to nonprofit 
 organizations and school districts in making loans. 

    Subd. 3.    Loan conditions.  A loan made under this 
 section may be made for up to 100 percent of the cost of 
 once-through cooling system replacement for which the entity is 
 liable.  A loan may be made at or below market interest rates 
 and at a term not to exceed 20 years. 

    Subd. 4.    Loan payments.  Loan repayments of principal 
 and interest received by the authority are appropriated to the 
 authority to make new loans. 

    HIST: 1992 c 601 s 14