1.1                          A bill for an act 
  1.2             relating to economic development; providing financial 
  1.3             assistance to businesses adversely affected by the 
  1.4             lack of snowfall; appropriating money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [BUSINESS ASSISTANCE; LACK OF SNOWFALL.] 
  1.7      $10,000,000 is appropriated from the general fund in fiscal 
  1.8   year 2000 to the commissioner of trade and economic development 
  1.9   for the purpose of participating in, guaranteeing, or making 
  1.10  loans to tourism, hospitality, service, manufacturing, and 
  1.11  retail businesses in Minnesota that have been adversely impacted 
  1.12  by the lack of snowfall in the winter of 1999-2000 and the 
  1.13  preceding two winters.  The commissioner shall establish an 
  1.14  application process and form for the loans.  The commissioner 
  1.15  shall give priority to loans to the tourism industry and to 
  1.16  those businesses that will otherwise cease doing business due to 
  1.17  the snow shortfall.  The maximum loan term shall be for ten 
  1.18  years and the maximum interest rate may not exceed eight 
  1.19  percent.  Loans may be used for working capital and operations 
  1.20  and for capital expenditures.  Loan repayments shall be 
  1.21  deposited in the tourism loan account and may be used for the 
  1.22  purposes of this section or the tourism loan program under 
  1.23  Minnesota Statutes, section 116J.616.  This appropriation is 
  1.24  available until June 30, 2001.  
  1.25     Sec. 2.  [EFFECTIVE DATE.] 
  2.1      Section 1 is effective the day following final enactment.