1.1                          A bill for an act 
  1.2             relating to economic development; modifying provisions 
  1.3             of the Minnesota investment fund; amending Minnesota 
  1.4             Statutes 2000, section 116J.8731, subdivision 2. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 116J.8731, 
  1.7   subdivision 2, is amended to read: 
  1.8      Subd. 2.  [ADMINISTRATION.] The commissioner shall 
  1.9   administer the fund as part of the Small Cities Development 
  1.10  Block Grant Program.  Funds shall be made available to local 
  1.11  communities and recognized Indian tribal governments in 
  1.12  accordance with the rules adopted for economic development 
  1.13  grants in the small cities community development block grant 
  1.14  program, except that all units of general purpose local 
  1.15  government are eligible applicants for Minnesota investment 
  1.16  funds.  A home rule charter or statutory city, county, or town 
  1.17  may loan or grant money received from repayment of funds awarded 
  1.18  under this section to a regional development commission, other 
  1.19  regional entity, or statewide community capital fund as 
  1.20  determined by the commissioner, to capitalize or to provide the 
  1.21  local match required for capitalization of a regional or 
  1.22  statewide revolving loan fund.