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S.F. No. 1815 - Minnesota Investment Fund Local Government Loan Repayment Funds Onetime Restriction Exemption
 
Author: Senator Eric R. Pratt
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: March 6, 2019



 

Paragraph (a) 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, 2020, the local government may use the remaining funds as a general purpose aid for any lawful expenditure.  A similar exception was allowed for MIF in 2017.

Paragraph (b) requires a home rule charter or statutory city, county, or town exercising the option to submit by February 15, 2021, an accounting and explanation of the use and distribution of the funds.

CDF/syl

 
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