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MN SF340
Bill
Status
Passed
5/20/2013
Primary Sponsor
Foung Hawj
Click for details
AI Summary
- Changes loan repayment terms from "must" be a general obligation to "may" be a general obligation, allowing alternative security arrangements subject to commissioner approval
- Permits development authorities to secure demolition cost loans with sources other than dedicated revenue, provided the commissioner reviews and approves the alternative security
- Maintains existing loan parameters: maximum 15-year term, $1,000,000 principal cap, 2% interest rate with no accrual in first two years, and semiannual interest payments beginning year three
- Requires development authorities to establish a dedicated source of revenue for loan repayment as a condition of borrowing
Legislative Description
Development authorities redevelopment demolition loan terms modifications
Last Action
Secretary of State Chapter 64 05/16/13
5/20/2013
Committee Referrals
Jobs, Agriculture and Rural Development2/7/2013
Full Bill Text
No bill text available