2007 Minnesota Statutes

446A.051 PROJECT FINANCIAL ASSISTANCE.
    Subdivision 1. Determination of financial assistance. The authority shall assist eligible
recipients in determining what grants or loans under sections 446A.06, 446A.07, 446A.072,
446A.073, 446A.074, 446A.075, and 446A.081 to apply for to finance projects and the manner in
which the eligible recipient will pay for its portion of the project cost.
    Subd. 2. Grant limitations. If a project is eligible for a grant under section 446A.073,
446A.074, or 446A.075, the total grant shall not exceed the greater of the maximum amount from
a single program or the amount the project could receive under section 446A.072.
    Subd. 3. Financial feasibility review. (a) The authority shall review the proposed financing
for each project certified to the authority to ascertain whether or not: (1) total financing of a project
is assured; (2) the governmental unit's financial plan to pay for its portion of the project cost is
feasible; (3) the proposed project and financing plan is an eligible use of the money; and (4) the
proposal is in compliance with applicable state and federal tax and securities laws and regulations.
(b) Unless a project is specifically authorized by law, the authority may reject the proposed
financing for a project meeting the requirements in paragraph (a) if a majority of members believe
the financing of the project would not be in the best interests of the state or would be detrimental
to the authority's funds or programs. A determination to reject a proposed project shall not be
made in an arbitrary and capricious manner and must be supported by substantive evidence and
documented by a resolution of the authority stating its findings.
History: 1988 c 546 s 4; 2006 c 251 s 11; 2007 c 96 art 1 s 4