HF 1728

as introduced - 91st Legislature (2019 - 2020) Posted on 02/25/2019 02:50pm

A bill for an act
relating to natural resources; allowing investment of financial assurance money;
establishing natural resources damages account; appropriating money; amending
Minnesota Statutes 2018, section 116.155, subdivision 1, by adding a subdivision;
proposing coding for new law in Minnesota Statutes, chapters 11A; 115B.

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

Section 1.

new text begin [11A.236] FINANCIAL ASSURANCE FOR PERMIT TO MINE;
INVESTMENT ACCOUNT.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment; appropriation. new text end

new text begin (a) The State Board of Investment, when
requested by the commissioner of natural resources, may invest money collected by the
commissioner as part of financial assurance provided under a permit to mine issued under
chapter 93. The State Board of Investment may establish one or more accounts into which
money may be deposited for the purposes of this section, subject to the policies and
procedures of the State Board of Investment. Use of any money in the account is restricted
to the financial assurance purposes identified in sections 93.46 to 93.51 and rules adopted
thereunder and as authorized under any trust fund agreements or other conditions established
under a permit to mine.
new text end

new text begin (b) Money in the accounts is appropriated to the commissioner for the purposes for
which the accounts are established under this section.
new text end

new text begin Subd. 2. new text end

new text begin Account maintenance and investment. new text end

new text begin The commissioner of natural resources
may deposit money in the appropriate account and may withdraw money from the appropriate
account for the financial assurance purposes identified in sections 93.46 to 93.51 and rules
adopted thereunder and as authorized under any trust fund agreements or other conditions
established under the permit to mine for which the financial assurance is provided, subject
to the policies and procedures of the State Board of Investment. Investment strategies related
to an account established under this section must be determined jointly by the commissioner
of natural resources and the executive director of the State Board of Investment. The
authorized investments for an account are the investments authorized under section 11A.24
that are made available for investment by the State Board of Investment. Investment
transactions must be at a time and in a manner determined by the executive director of the
State Board of Investment. Decisions to withdraw money from the account must be
determined by the commissioner of natural resources, subject to the policies and procedures
of the State Board of Investment. Investment earnings must be credited to the appropriate
account for financial assurance under the identified permit to mine. An account may be
terminated by the commissioner of natural resources at any time if the termination is in
accordance with applicable statutes, rules, trust fund agreements, or other conditions
established under the permit to mine, subject to the policies and procedures of the State
Board of Investment.
new text end

Sec. 2.

new text begin [115B.172] NATURAL RESOURCES DAMAGES ACCOUNT.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The natural resources damages account is established as
an account in the remediation fund.
new text end

new text begin Subd. 2. new text end

new text begin Revenues. new text end

new text begin The account consists of money from the following sources:
new text end

new text begin (1) revenue from actions taken by the attorney general on behalf of the commissioner
of the Pollution Control Agency and commissioner of natural resources under section
115B.17, subdivisions 6 and 7, unless otherwise specified by the attorney general or
settlement agreement;
new text end

new text begin (2) appropriations and transfers to the account as provided by law;
new text end

new text begin (3) interest earned on the account; and
new text end

new text begin (4) money received by the commissioner of the Pollution Control Agency or the
commissioner of natural resources for deposit in the account in the form of a gift or grant.
new text end

new text begin Subd. 3. new text end

new text begin Expenditures. new text end

new text begin (a) Money in the account is appropriated to the commissioner
of natural resources for the purposes authorized in section 115B.20, subdivision 2, clause
(4).
new text end

new text begin (b) The commissioner of management and budget must allocate the amounts available
in any biennium to the commissioner of natural resources for the purposes of this section
based upon work plans submitted by the commissioner of natural resources and may adjust
those allocations if revised work plans are submitted. Copies of the work plans must be
submitted to the chairs of the house of representatives and senate committees and divisions
having jurisdiction over environment and natural resources finance.
new text end

new text begin Subd. 4. new text end

new text begin Report. new text end

new text begin By November 1 each year, the commissioner of natural resources must
submit a report to the chairs and ranking minority members of the house of representatives
and senate committees and divisions with jurisdiction over environment and natural resources
policy and finance on expenditures from the natural resources damages account during the
previous fiscal year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3.

Minnesota Statutes 2018, section 116.155, subdivision 1, is amended to read:

Subdivision 1.

Creation.

The remediation fund is created as a special revenue fund in
the state treasury to provide a reliable source of public money for response and corrective
actions to address releases of hazardous substances, pollutants or contaminants, agricultural
chemicals, and petroleum, and for environmental response actions at qualified landfill
facilities for which the agency has assumed such responsibility, including perpetual care of
such facilities. The specific purposes for which the general portion of the fund may be spent
are provided in subdivision 2. In addition to the general portion of the fund, the fund contains
deleted text begin three deleted text end new text begin four new text end accounts described in subdivisions 4 to deleted text begin 5a deleted text end new text begin 5b new text end .

Sec. 4.

Minnesota Statutes 2018, section 116.155, is amended by adding a subdivision to
read:

new text begin Subd. 5b. new text end

new text begin Natural resources damages account. new text end

new text begin The natural resources damages account
is as described in section 115B.172.
new text end