Bill Text: MN HF245 | 2011-2012 | 87th Legislature | Engrossed
Bill Title: Regional arts organizations capital fund created, and money appropriated.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-02-21 - Committee report, without further rec to amend, re-refer to Government Operations and Elections [HF245 Detail]
Download: Minnesota-2011-HF245-Engrossed.html
1.2relating to arts; creating regional capital fund for arts organizations; appropriating
1.3money;proposing coding for new law in Minnesota Statutes, chapter 129D.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. [129D.20] REGIONAL ARTS CAPITAL FUND.
1.6The arts capital loan fund, a revolving loan fund, is created within the state
1.7treasury, to be administered by the Board of the Arts. This fund shall provide loans
1.8to arts organizations outside of the seven-county metropolitan area, for use for repair,
1.9reconstruction, rehabilitation, refinancing, or construction of facilities to be used for the
1.10arts and for arts education. The Board of the Arts shall establish criteria for selection of
1.11worthy projects, and shall provide loans to organizations deemed able to repay loans over
1.12a period not to exceed ten years. Loans shall be repaid at a rate established by the Board of
1.13the Arts, not to exceed three percent annual interest. Funds repaid to the fund shall be
1.14retained by the fund and used for further loans.
1.15 Sec. 2. APPROPRIATIONS; CAPITAL ARTS LOAN FUND.
1.16$20,000,000 is appropriated from the arts and cultural heritage fund to the arts
1.17capital loan fund, to be deposited in the fund at a level of $4,000,000 per year in each of
1.18the five years beginning in fiscal year 2011.
1.3money;proposing coding for new law in Minnesota Statutes, chapter 129D.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. [129D.20] REGIONAL ARTS CAPITAL FUND.
1.6The arts capital loan fund, a revolving loan fund, is created within the state
1.7treasury, to be administered by the Board of the Arts. This fund shall provide loans
1.8to arts organizations outside of the seven-county metropolitan area, for use for repair,
1.9reconstruction, rehabilitation, refinancing, or construction of facilities to be used for the
1.10arts and for arts education. The Board of the Arts shall establish criteria for selection of
1.11worthy projects, and shall provide loans to organizations deemed able to repay loans over
1.12a period not to exceed ten years. Loans shall be repaid at a rate established by the Board of
1.13the Arts, not to exceed three percent annual interest. Funds repaid to the fund shall be
1.14retained by the fund and used for further loans.
1.15 Sec. 2. APPROPRIATIONS; CAPITAL ARTS LOAN FUND.
1.16$20,000,000 is appropriated from the arts and cultural heritage fund to the arts
1.17capital loan fund, to be deposited in the fund at a level of $4,000,000 per year in each of
1.18the five years beginning in fiscal year 2011.
