HF 1221

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:46am

A bill for an act
relating to transportation; bridges; establishing Stillwater lift bridge endowment
account; proposing coding for new law in Minnesota Statutes, chapter 165.

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

Section 1.

new text begin [165.15] STILLWATER LIFT BRIDGE ENDOWMENT ACCOUNT.
new text end

new text begin Subdivision 1. new text end

new text begin Account established. new text end

new text begin (a) The Stillwater lift bridge endowment
account is established in the special revenue fund in the state treasury. The account may
consist of appropriations made by the state of Minnesota or Wisconsin and may include
federal funds. The account may also receive private contributions, gifts, or grants under
section 16A.013. Any interest or profit accruing from investment of these sums is credited
to the account.
new text end

new text begin Subd. 2. new text end

new text begin Use of funds. new text end

new text begin (a) Income derived from the investment of principal in the
account may be used by the commissioner of transportation for operations and routine
maintenance of the Stillwater lift bridge. For the purposes of this section:
new text end

new text begin (1) "Income" is the amount of interest on debt securities and dividends on equity
securities. Any gains or losses from the sale of securities must be added to the principal of
the fund.
new text end

new text begin (2) "Routine maintenance" means activities that are predictable and repetitive, but
not activities that would constitute major repairs or rehabilitation.
new text end

new text begin (b) Investment management fees incurred by the State Board of Investment are
eligible expenses for reimbursement from the account.
new text end

new text begin (c) The commissioner of transportation has authority to approve or deny expenditures
of funds in the account.
new text end

new text begin Subd. 3. new text end

new text begin Appropriation. new text end

new text begin Income derived from the investment of principal in the
account is appropriated annually to the commissioner of transportation for the purposes
described in this section.
new text end

new text begin Subd. 4. new text end

new text begin Financial compliance. new text end

new text begin The commissioner of transportation shall ensure
that the fund complies with the regulations in OMB circulars A87, Cost Principles for
State, Local and Indian Tribal Governments, and A122, Cost Principles for Non-Profit
Organizations, of the United States Office of Management and Budget (OMB).
new text end

new text begin Subd. 5. new text end

new text begin Investment. new text end

new text begin The State Board of Investment, in consultation with the
commissioner of transportation, shall invest money in the account under section 11A.24.
new text end

new text begin Subd. 6. new text end

new text begin Demolition. new text end

new text begin If the commissioner determines that it is necessary to demolish
the Stillwater lift bridge, the principal in the account may be spent to pay for demolition of
the bridge, and is appropriated to the commissioner of transportation only for that purpose.
new text end

new text begin Subd. 7. new text end

new text begin Audits. new text end

new text begin The fund is subject to audit by the legislative auditor.
new text end