1.1 	A bill for an act
1.2 	relating to iron range resources and rehabilitation; creating the Tom Rukavina 
1.3 	community college scholarship fund; transferring money; allowing county 
1.4 	scholarship funds to receive money from this new fund;amending Minnesota 
1.5 	Statutes 2018, section 298.2215, subdivision 1; proposing coding for new law in 
1.6 	Minnesota Statutes, chapter 298.
1.7 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.8 	Section 1. Minnesota Statutes 2018, section 298.2215, subdivision 1, is amended to read:
1.9 		Subdivision 1.Establishment. A county may establish a scholarship fund from any 
1.10 	unencumbered revenue received pursuant to section 298.018, 298.2216,298.28, 298.39, 
1.11 	298.396, or 298.405 or any law imposing a tax upon severed mineral values. Scholarships 
1.12 	must be used at a two-year Minnesota State Colleges and Universities institution within the 
1.13 	county. The county shall establish procedures for applying for and distributing the 
1.14 	scholarships.

1.15 	EFFECTIVE DATE. This section is effective the day following final enactment.

1.16 	Sec. 2. [298.2216] TOM RUKAVINA COMMUNITY COLLEGE SCHOLARSHIP 
1.17 	FUND.
1.18 	(a) The Tom Rukavina community college scholarship fund is established as a fund in 
1.19 	the state treasury. The commissioner of management and budget shall credit to the fund the 
1.20 	amounts authorized under this section and appropriations and transfers to the fund. The 
1.21 	State Board of Investment shall ensure that money in the fund is invested under section 
1.22 	11A.24. All money earned by the fund must be credited to the fund. The principal of the 
2.1 	fund and any unexpended earnings must be invested and reinvested by the State Board of 
2.2 	Investment.
2.3 	(b) Gifts and donations, including land or interests in land, may be made to the fund. 
2.4 	Noncash gifts and donations must be disposed of for cash as soon as the Iron Range 
2.5 	Resources and Rehabilitation Board prudently can maximize the value of the gift or donation. 
2.6 	Gifts and donations of marketable securities may be held or disposed of for cash at the 
2.7 	option of the board. The cash receipts of gifts and donations of cash or capital assets and 
2.8 	marketable securities disposed of for cash must be credited immediately to the principal of 
2.9 	the fund. The value of marketable securities at the time the gift or donation is made must 
2.10 	be credited to the principal of the fund and any earnings from the marketable securities are 
2.11 	earnings of the fund. The earnings in the fund are annually appropriated to the Iron Range 
2.12 	Resources and Rehabilitation Board for distribution to the St. Louis County auditor to 
2.13 	distribute to entities created under section 298.2215.

2.14 	EFFECTIVE DATE. This section is effective the day following final enactment.

2.15 	Sec. 3. TRANSFER TO TOM RUKAVINA COMMUNITY COLLEGE 
2.16 	SCHOLARSHIP FUND.
 2.17 	Notwithstanding Minnesota Statutes, chapter 298, $5,000,000 is transferred from the 
2.18 	Douglas J. Johnson fund to the commissioner of Iron Range resources and rehabilitation 
2.19 	for deposit in the Tom Rukavina community college scholarship fund.

2.20 	EFFECTIVE DATE. This section is effective the day following final enactment.