HF 1137

as introduced - 87th Legislature (2011 - 2012) Posted on 03/21/2012 01:01am

A bill for an act
relating to higher education; directing a portion of the permanent university fund
for a mining engineering program and forestry research; amending Minnesota Statutes 2010, section 137.022, subdivision 4, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 137.022, subdivision 4, is amended to read:

Subd. 4.

Mineral research; scholarships.

(a) All income credited after July 1,
1992, to the permanent university fund from royalties for mining under state mineral
leases from and after July 1, 1991, must be allocated as provided in this subdivision.

(b)(1) deleted text begin Fifty deleted text end new text begin Beginning January 1, 2011, 50 new text end percent of the income new text begin must be allocated
according to this paragraph. One-half of the income under this paragraph new text end , up to
$50,000,000, must be credited to the mineral research account of the fund to be allocated
for the Natural Resources Research Institute-Duluth and Coleraine facilities, for mineral
and mineral-related research including mineral-related environmental research deleted text begin ; and deleted text end new text begin . The
other one-half of the income under this paragraph, up to $25,000,000, is credited to an
endowment for the costs of operating a mining, metallurgical, or related engineering
degree program offered through the University of Minnesota at Mesabi Range Community
and Technical College and for scholarships for students to attend the mining, metallurgical,
or related engineering program.
new text end

(2) The remainder new text begin of the income under paragraph (a) and the amount of any income
over the $25,000,000 for the engineering program under clause (1) new text end must be credited
to the endowed scholarship account of the fund for distribution annually for scholastic
achievement as provided by the Board of Regents to undergraduates enrolled at the
University of Minnesota who are resident students as defined in section 136A.101,
subdivision 8.

(c) The annual distribution from the endowed scholarship account must be allocated
to the various campuses of the University of Minnesota in proportion to the number of
undergraduate resident students enrolled on each campus.

(d) The Board of Regents must report to the education committees of the legislature
biennially at the time of the submission of its budget request on the disbursement of money
from the endowed scholarship account and to the environment and natural resources
committees on the use of the mineral research account.

(e) Capital gains and losses and portfolio income of the permanent university fund
must be credited to its three accounts in proportion to the market value of each account.

(f) The endowment support from the income and capital gains of the endowed
mineral research and endowed scholarship accounts of the fund must not total more than
six percent per year of the 36-month trailing average market value of the account from
which the support is derived.

Sec. 2.

Minnesota Statutes 2010, section 137.022, is amended by adding a subdivision
to read:

new text begin Subd. 5. new text end

new text begin Forestry research. new text end

new text begin Income from timber sales and related income generated
from the surface use of lands that are managed to generate income for the permanent
university fund must be credited to the permanent university fund and used according to
this subdivision. All income after January 1, 2011, must be credited to an endowment and
allocated for the Natural Resources Research Institute-Duluth and Coleraine facilities for
forestry related research.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective retroactively from January 1, 2011.
new text end