HF 427

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             proposing an amendment to the Minnesota Constitution, 
  1.3             article XI, by adding a section; establishing an 
  1.4             elementary and secondary education trust fund in the 
  1.5             state treasury.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [CONSTITUTIONAL AMENDMENT PROPOSED; EDUCATION 
  1.8   TRUST FUND.] 
  1.9      Subdivision 1.  [AMENDMENT.] The following amendment to the 
  1.10  Minnesota Constitution adding a section to article XI is 
  1.11  proposed to the people.  If the amendment is adopted, the 
  1.12  section will read as follows: 
  1.13     Sec. 15.  A permanent Minnesota elementary and secondary 
  1.14  education trust fund is established in the state treasury.  Not 
  1.15  less than 60 percent until the year 2001 and 100 percent 
  1.16  thereafter of the net proceeds from any revenue raised under 
  1.17  article XIII, section 5, must be credited to the fund.  The 
  1.18  determination of net proceeds shall only include expenses for 
  1.19  prizes and actual costs for operations and shall not include 
  1.20  payments for any tax imposed at the state or local level.  The 
  1.21  principle of the fund must be perpetual and inviolate forever, 
  1.22  except appropriations for elementary and secondary general 
  1.23  education purposes may be made from up to ten percent of the 
  1.24  annual revenue deposited in the fund until and including fiscal 
  1.25  year 2006.  Net earnings from the principle of the fund shall 
  2.1   only be appropriated for elementary and secondary general 
  2.2   education purposes.  Any appropriations from the fund must be 
  2.3   used to supplement and not supplant appropriations for these 
  2.4   same purposes from the state general fund.  
  2.5      Subd. 2.  [SUBMISSION TO VOTERS.] The proposed amendment 
  2.6   must be submitted to the people at the 1996 general election.  
  2.7   The question submitted shall be: 
  2.8      "Shall the Minnesota Constitution be amended to establish a 
  2.9   Minnesota elementary and secondary education trust fund for 
  2.10  general education purposes? 
  2.11                                     Yes .......
  2.12                                     No ........"