HF 1

as introduced - 92nd Legislature, 2021 1st Special Session (2021 - 2021) Posted on 06/23/2021 09:07am

A bill for an act
relating to economic development; modifying use of Minnesota investment fund;
requiring a report.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin ONETIME EXCEPTION TO RESTRICTIONS ON USE OF MINNESOTA
INVESTMENT FUND LOCAL GOVERNMENT LOAN REPAYMENT FUNDS.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 116J.8731, a home rule charter or
statutory city, county, or town that has uncommitted money received from repayment of
funds awarded under Minnesota Statutes, section 116J.8731, may choose to transfer 20
percent of the balance of that money to the state general fund before June 30, 2022. Any
local entity that does so may then use the remaining 80 percent of the uncommitted money
as a general purpose aid for any lawful expenditure.
new text end

new text begin (b) By February 15, 2023, a home rule charter or statutory city, county, or town that
exercises the option under paragraph (a) shall submit to the chairs of the legislative
committees with jurisdiction over economic development policy and finance an accounting
and explanation of the use and distribution of the funds.
new text end