4th Engrossment - 80th Legislature (1997 - 1998) 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, section 14; extending to the year 2025 the 1.4 dedication of lottery proceeds to the environment and 1.5 natural resources trust fund and maximizing the 1.6 long-term total return to the fund. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. [CONSTITUTIONAL AMENDMENT PROPOSED.] 1.9 An amendment to the Minnesota Constitution, article XI, 1.10 section 14, is proposed to the people. If the amendment is 1.11 adopted, the section will read as follows: 1.12 Sec. 14. A permanent
Minnesotaenvironment and natural 1.13 resources trust fund is established in the state treasury. The1.14 principal of the environment and natural resources trust fund1.15 must be perpetual and inviolate forever, except appropriations1.16 may be made from up to 25 percent of the annual revenues1.17 deposited in the fund until fiscal year 1997 andLoans may be 1.18 made of up to five percent of the principal of the fund for 1.19 water system improvements as provided by law. This restriction1.20 does not prevent the sale of investments at less than the cost1.21 to the fund, however, all losses not offset by gains shall be1.22 repaid to the fund from the earnings of the fund.The net1.23 earnings fromassets of the fund shall be appropriated in a1.24 manner prescribedby law for the public purpose of protection, 1.25 conservation, preservation, and enhancement of the state's air, 1.26 water, land, fish, wildlife, and other natural resources. The 2.1 amount appropriated each year of a biennium, commencing on July 2.2 1 in each odd-numbered year and ending on and including June 30 2.3 in the next odd-numbered year, may be up to 5-1/2 percent of the 2.4 market value of the fund on June 30 one year before the start of 2.5 the biennium. Not less than 40 percent of the net proceeds from 2.6 any state-operated lottery must be credited to the fund until 2.7 the year 20012025. 2.8 Sec. 2. [SUBMISSION TO PEOPLE.] 2.9 The proposed amendment shall be submitted to the people at 2.10 the 1998 general election. The question submitted shall be: 2.11 "Shall the Minnesota Constitution be amended to extend to 2.12 the year 2025 the dedication of lottery proceeds to the 2.13 environment and natural resources trust fund and to maximize the 2.14 long-term total return to the fund? 2.15 Yes ....... 2.16 No ........"