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S.F. No. 1456 - Minnesota Investment Fund Local Government Loan Repayment Funds Onetime Restriction Exemption
 
Author: Senator Jeremy R. Miller
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: March 6, 2017



 

Allows a onetime exception to the restrictions on use of Minnesota investment funds (MIF) for a home rule charter or statutory city, county, or town that has uncommitted money received from repayment of awarded MIF funds. Provides that if the local government transfers 20 percent of the balance of the money to the general fund before June 30, 2018, the local government may use the remaining funds for purposes not prohibited by law other than under the MIF statute. The MIF statute contains certain limitations, such as a grant or loan may not be made for operation or expansion of a casino, a retail store, or a sports facility.

CDF/syl

 
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