Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
Subdivision 1. Loans authorized. (a) If the principal of the trust fund equals or exceeds $200,000,000, the commission may vote to set aside up to five percent of the principal of the trust fund for water system improvement loans. The purpose of water system improvement loans is to offer below market rate interest loans to local units of government for the purposes of water system improvements.
(b) The interest on a loan shall be calculated on the declining balance at a rate that is the greater of one percent or 50 percent of the secondary market yield of one-year United States Treasury bills calculated according to section 549.09, subdivision 1, paragraph (c).
(c) An eligible project must prove that existing federal or state loans or grants have not been adequate.
(d) Payments on the principal and interest of loans under this section must be credited to the trust fund.
(e) Repayment of loans made under this section must be completed within 20 years.
(f) The Minnesota Public Facilities Authority must report to the commission each year on any loans made to the authority under this section.
Subd. 2. Application and administration. (a) The commission must adopt a procedure for the issuance of the water system improvement loans by the Public Facilities Authority.
(b) The commission also must ensure that the loans are administered according to its fiduciary standards and requirements.
Cite this article: FindLaw.com - Minnesota Statutes Environmental Protection Funds (Ch. 116P-116Q) § 116P.12. Water system improvement; loan program - last updated January 01, 2023 | https://codes.findlaw.com/mn/environmental-protection-funds-ch-116p-116q/mn-st-sect-116p-12/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)