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iia`^ <br /> 1:s :4l' <br /> N-• 1 <br /> ECONOMIC DEVELOPMENT 469.102 <br /> 1 7- <br /> I <br /> t4''. <br /> �}== economic development.An authority ma lease some or all of its lands or property an <br /> d t <br /> •,„ may set up local improvement districts in all or pan of an economic development dis- ;.# <br /> trio. , 1 <br /> Subd. 19. Loans in anticipation of bonds. After authorizing bonds under sections / <br /> '•:,.,' 469.102 and 469.103, an authority <br /> s must <br /> ow eoxceed the amount of the bonds.provide money immediately - , <br /> required for the bond purpose. The loan <br /> The authority shall by resolution decide the terms of the loans.The loans must be evi-te of the loan • i-- <br /> n 12 months from the <br /> denced by negotiablernothe due in not more or to bearer,to be repaid with interest from the pro- s <br /> payable to the order of the <br /> ceeds of the bonds when the bonds are issued and delivered to the bond purchasers. <br /> The loan must not be obtained fromany <br /> commissioner of which of the ity commissionerority or romanys a <br /> corporation, association. or other institution �§ <br /> stockholder or officer. <br /> Subd. 20. Use of proceeds. Therproceeds of loans obtained under�ubdivision 19 may be used <br /> ns issued by an authority i <br /> under section 469.103 and temporary , , <br /> . to make or purchase loans for economic <br /> 1r purchase the loansi the authority mahenter .T • <br /> - believes will require financing.ToB; 1 <br /> into loan and related agreements. both before and after issuing the obligations, with <br /> and ti , <br /> persons,firms,public or private corporations.federal or state agenciensiders s.nate. Aegove n- i <br /> tal units under terms and conditioont act for.s the and rerity ceive the loans.Chapter 475 does '. <br /> mental unit in the state may appy, <br /> not apply to the loans. +. `• <br /> Subd. 21. Mined underground space development. Upon delegation by a munici- {` <br /> pality as provided in section 469.139 ty may exercise any of the space development underd secgaons �i <br /> veers in connection .with mined underground i <br /> 46 <br /> 9.Su . 22 Secoc it( <br /> Subd. 22.Secondary market.An authority may sell,at private <br /> leaseusulblease, lease <br /> price or prices determined by the authority, any note. mortgage, <br /> purchase, or other instrument or obligation evidencing or securing a loan made for the purpose of economic development,job creation.redevelopment,or community revital- <br /> ization by a public agency to a business,for-profit or nonprofit organization,or an indi- <br /> vidual. • <br /> Subd. 23.Supplying small business capital.Notwithstanding any contrary law.the <br /> authority may participate with enbnrec ocapr ital to small busvate nnes ssesr thhatentities. <br /> facilities ; <br /> purpose is to provide seed or <br /> located or to be located in the district.For that purpose the authority may use not mois re i ; <br /> than ten percent of available annual <br /> uittntypeinvestmeor nOtsO00.These navestments can be <br /> less,to invest in equities or acquireq Y $ . <br /> a ue directly in eligibledcorporations capital fund.The participation br entities or acquired y the authority participationma <br /> a public or private seed or ventureP total amount of funds `: <br /> not exceed in any year 25 percent the of thparticipants.pants.The corporation.entity, r fund shall .' <br /> or seed capital purposes by all P <br /> report in action eachksix months theo last repe ort. oners of the authority all investments : <br /> Funds contributed to the corporation ' <br /> and other action taken by it since taking proportional <br /> risks <br /> ks on musthbe 1nvested Aso rata used in with <br /> sch subdiv subdivision, the termr of "small small business" has <br /> risks on each investment. <br /> the meaning given it in section 645.445. subdivision 2. <br /> History: <br /> 198,7. c 291 s 102; 1988 c 580 s 5; 1991 c 295 s ?: 1992 c 363 art 1 s 13 <br /> , 1� <br /> . , 469.102 GENERAL OBLIGATION BONDS. <br /> Subdivision 1. Authority, procedure. An economic development authority may <br /> unt <br /> c.,_ issue ge of its citg'st couion ncil.1. The bonds mayprincipalnds in the benisosued intantic pazed tio of income from <br /> ` y two-thirds maj or- <br /> 2" itv vote of • <br /> any source. The bonds may be issued: (1) to secure funds needed by the authority to <br /> pay for acquired property or(2)for other purposes in sections 469.090 to 469.108.The ; , <br /> • <br /> .11 <br /> ,Ii!. <br /> bonds must be in the amount and form <br /> and bear interest at the rate set by the city coun- <br /> -,1'''-1. •i. i <br /> pVk <br /> s ...r -.'k --- .64,E <br />