SF0097HW001
[TO ENGROSSED COPY]
Page 1-Above Line 1 In the catch title delete "fund" insert "project".
Page 1-line 4 After "loans" insert "and loan guarantees".
Page 1-line 5 After "funds;" insert "providing rulemaking authority;"
Page 3-line 4 Delete "guaranties" insert "guarantees".
Page 3-line 13 Delete "guaranties" insert "guarantees".
Page 3-line 19 After "loan" insert "or loan guarantee".
Page 3-line 24 Delete "guaranty" insert "guarantee".
Page 4-line 9 Delete "guaranty" insert "guarantee".
Page 4-line 11 Delete "guaranty" insert "guarantee".
Page 4-line 13 After "loan" insert "or loan guarantee".
Page 4-line 15 Delete "guaranty" insert "guarantee".
Page 5-line 9 After "counties" insert "in which the project will be located".
Page 5-line 11 Delete "expands" inserts "increases".
Page 6-line 2 Delete "guaranty" insert "guarantee".
Page 6-line 7 After "loan" insert "or loan guarantee".
Page 6-line 10 After "Loans" insert "or loan guarantees".
Page 6-line 23 After "loan" insert "or loan guarantee".
Page 7-line 1 Delete "guaranties" insert "guarantees".
Page 7-line 8 After "loan" insert "or loan guarantee".
Page 7-line 11 After "loan" insert "or loan guarantee".
Page 7-line 15 Delete "guaranties" insert "guarantees".
Page 7-lines 18 through 24 Delete entirely and insert:
"(viii) The state treasurer shall secure an interest in the entire project sufficient to adequately protect the investment of loan proceeds or proceeds guaranteed by the state under this section as provided in this paragraph. The state treasurer may accept either a first security interest on the entire project funded or substitute security which will protect repayment to the state on a basis substantially equivalent to a first security interest on the project. The state treasurer shall insure that any alternate security is sufficient to prudently protect the state's interest in the entire project and any alternate security places the state before any other lender in priority of payment on the entire project in the event of default; and".
Page 8-line 2 Delete "may" insert "shall".
Page 8-line 3 After "fee" insert "or loan guarantee fee".
Page 8-line 4 After "loan" insert "or guaranteed loan".
Page 8-line 7 Delete "(g)" insert "(h)".
Page 8-line 23 Delete "principle" insert "principal".
Page 9-line 5 Delete "(d)" insert "(e)".
Page 9-line 6 After "fee" insert "or loan guarantee fee".
Page 9-line 9 Delete "(h)" insert "(j)".
Page 10-line 3 Delete "December 31, 2018" insert "June 30, 2016.
Page 10-line 4 After "section." insert "Funds in the large project account within the revolving investment fund which are not encumbered as of June 30, 2016 shall not be expended except upon further act of the legislature.".
Renumber as necessary. NORTHRUP