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MN HF4244
Bill
Status
Introduced
3/26/2018
Primary Sponsor
Bob Gunther
Click for details
AI Summary
- Increases the loan cap for local units of government from $450,000 to $750,000 under Minnesota Statutes 2016, section 465.73
- Applies to statutory cities, home rule charter cities, counties, and towns borrowing from rural electric cooperatives or USDA agencies for constructing, repairing, or acquiring city halls, town halls, fire halls, fire or rescue equipment, libraries, or child care facilities
- Allows loans to be secured by mortgage or other security agreement on the property purchased with borrowed funds
- Exempts the loan obligation from being counted toward net debt calculations and does not require voter approval for issuance
Legislative Description
Loan cap to local units of government from a rural electric cooperative or the USDA modified, and technical change made.
Last Action
Joint rule 2.03, Deadlines, re-referred to Rules and Legislative Administration
4/26/2018
Committee Referrals
Job Growth and Energy Affordability Policy and Finance4/26/2018
Government Operations and Elections Policy3/26/2018
Full Bill Text
No bill text available