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Minnesota Statutes 1998, 4(-,9.101 Page 4 of O the authority believes will require financing. To make or purchase the loans, ~he authority may enter into loan and related agreements, both before and after issuing the obligations, with pe£sons, firms, public or private corporations, federal or state agencies, and governmental units under terms and conditions the authority considers appropriate. A governmental unit in the state may apply, contract for, and receive the loans. Chapter 475 does not apply to the loans. Subd. 21. Mined underground space development. Upon delegation by a municipality as provided in section 469.139, an authority may exercise any of the delegated powers in connection with mined underground space development under sections 469.135 to 469.141. Subd. 22. Secondary market. An authority may sell, at private or public sale, at the price or prices determined by the authority, any note, mortgage, lease, sublease, lease. purchase, or other instrument or obligation evidencing or securing a loan made for the purpose of economic development, job creation, redevelopment, or community revitalization by a public agency to a business, for-profit or nonprofit organization, or an individual. Subd. 23. Supplying small business capital. Notwithstanding any contrary law, t~e authority may participate with public or private corporations or other entities, whose purpose is to provide seed or venture capital to small businesses that have facilities located or to be located in the district. For that purpose the authority may use not more than ten percent of available annual net income or $1,000,000 annually, whichever is less, to infest in equities or acquire equity-type investments. These investments can be made directly in eligible corporations or entities or acquired through participation in a public or private seed or venture capital fund. The participation by the authority may not exceed in any year 25 percent of the total amount of funds provided for venture or seed capital purposes by all of the participants. The corporation, entity, or fund shall report in writing each six months to the commissioners of the authority all investments and other action taken by it since the last report. Funds contributed to the corporation or entity must be invested pro rata with each contributor of capital taking proportional risks on each investment. As used in this subdivision, the term "small business" has the meaning given it in section 645.445, subdivision 2. HIST: 1'987 c 291 s 102; 1988 c 580 s 5; 1991 c 295 s 2; 1992 c 363 art 1 s 13 Copyright 1998 by the Office of Revisor of Statutes, State of Minnesota. http://www.revisor, leg.state.mn.us/stats/469/101 .html 3/15/99