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MN HF4603
Bill
Status
Introduced
4/28/2020
Primary Sponsor
Rob Ecklund
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AI Summary
- Establishes a priority allocation system for positive general fund balances, including transfers to cash flow account ($350,000,000), budget reserve account ($1,596,522,000), school district aid payments, and net aid reductions
- Adds the Minnesota 21st century fund as a priority allocation category, allowing transfers of up to $5,000,000 (minus amounts credited or canceled in previous 12 months) until total transfers reach $20,000,000
- Transfers $20,000,000 from the Minnesota 21st century fund and $10,000,000 from the Minnesota investment revolving loan account to a small business emergency loan account in fiscal year 2020
- Directs loan repayments to be credited proportionately back to the accounts from which amounts were originally transferred
- Requires further loan repayments to the Minnesota 21st century fund to be transferred to the general fund once cumulative transfers reach $20,000,000
Legislative Description
General funds transfer to the 21st century fund provided, and small business emergency loans modified.
Last Action
Joint rule 2.03 waived
5/7/2020
Committee Referrals
Ways and Means5/4/2020
Jobs and Economic Development Finance4/28/2020
Full Bill Text
No bill text available