HF 303

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to public lands; authorizing alternative
investments of county environmental trust fund
deposits; amending Laws 1998, chapter 389, article 16,
section 31, subdivision 4, as amended.

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

Section 1.

Laws 1998, chapter 389, article 16, section 31,
subdivision 4, as amended by Laws 1999, chapter 180, section 3,
and Laws 2001, chapter 164, section 5, is amended to read:

Subd. 4.

County environmental trust fund.

Notwithstanding the provisions of Minnesota Statutes, chapter
282, and any other law relating to the apportionment of proceeds
from the sale of tax-forfeited land, and except as otherwise
provided in this section, a county board must deposit the money
received from the sale of land under subdivision 3 into an
environmental trust fund established by the county under this
subdivision. new text begin The county board may: (1) deposit part or all of
the environmental trust fund money as provided in Minnesota
Statutes, chapter 118A; (2) invest part or all of the money in
investment instruments listed in Minnesota Statutes, section
11A.24, subdivisions 1 to 5, under the control of the county
board; or (3) enter into an agreement with the State Board of
Investment to invest all or part of the money in investments
under Minnesota Statutes, section 11A.24, subdivisions 1 to 5,
on behalf of the county. new text end The following may be withheld by a
county board and are not required to be deposited into an
environmental trust fund: the costs of appraisal, abstracts,
and surveys; money received from a sale which is attributable to
land owned by a county in fee; amounts paid to lessees for
improvements; amounts paid to acquire land which is included in
a county plan for exchange and is conveyed to the state in the
exchange, including the purchase price, appraisal, abstract,
survey, and closing costs; and the costs of sale to lessees or
other parties, including the costs of advertising, realtors, and
closing services. If the proceeds from the sale of
tax-forfeited land in a county deleted text begin is deleted text end new text begin are new text end $250,000 or more, deleted text begin the
principal from the sale of the land may not be expended, deleted text end new text begin the
amount the county may spend from the fund each calendar year may
not exceed 5-1/2 percent of the market value of the fund on
January 1 of the preceding calendar year, new text end and the county board
may spend deleted text begin interest earned on the principal deleted text end new text begin money from the fund
new text end only for purposes related to the improvement of natural
resources. To the extent money received from the sale is
attributable to tax-forfeited land from another county, the
money must be deposited in an environmental trust fund
established under this section by that county board.

new text begin EFFECTIVE DATE. new text end

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