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HF 1247

1st Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
  1.1                          A bill for an act 
  1.2             relating to veterans homes; providing for the veterans 
  1.3             homes board to administer planned giving donations; 
  1.4             amending Minnesota Statutes 2000, section 198.16; 
  1.5             repealing Minnesota Statutes 2000, section 198.161. 
  1.7      Section 1.  Minnesota Statutes 2000, section 198.16, is 
  1.8   amended to read: 
  1.10     The board is authorized to accept on behalf of the state 
  1.11  any gift, grant, bequest, or devise made for the purposes of 
  1.12  this chapter, and administer the same as directed by the donor.  
  1.13  All proceeds therefrom, including money derived from the sale of 
  1.14  any real or personal property, shall must be deposited in the 
  1.15  state treasury and, invested by the state board of investment in 
  1.16  accordance with sections 11A.24 and 11A.25, and credited to the 
  1.17  Minnesota veterans home endowment, bequest, and devises 
  1.18  fund.  Said That fund shall consist consists of two separate 
  1.19  accounts, one of which shall include any trusts prescribed by 
  1.20  the donor, the other shall include for investing general and 
  1.21  restricted gifts, money, and donations received and for any 
  1.22  currently expendable proceeds.  
  1.23     The board shall maintain records of all gifts received, 
  1.24  clearly showing the identity of the donor, the purpose of the 
  1.25  donation, and the ultimate disposition of the donation.  Each 
  2.1   donation must be duly receipted and must be expended or used by 
  2.2   the board as nearly in accordance with the condition of the gift 
  2.3   or donation as is compatible with the best interests of the 
  2.4   residents of the homes.  Money in the fund is appropriated to 
  2.5   the board for the purposes for which it was received.  
  2.6   Disbursements from this fund shall be made in the manner 
  2.7   provided for the issuance of other state warrants. 
  2.8      Whenever the board shall deem it advisable, in accordance 
  2.9   with law, to sell or otherwise dispose of any real or personal 
  2.10  property thus acquired, the commissioner of administration upon 
  2.11  the request of the board shall sell or otherwise dispose of said 
  2.12  property in the manner provided by law for the sale or 
  2.13  disposition of other state property by the commissioner of 
  2.14  administration.  
  2.15     Sec. 2.  [REPEALER.] 
  2.16     Minnesota Statutes 2000, section 198.161, is repealed.