HF 1868

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to state government; requiring the state 
  1.3             board of investment to sell certain stock in tobacco 
  1.4             companies and to invest in specified other assets. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [INVESTMENT PRACTICE MODIFICATIONS.] 
  1.7      By June 30, 1998, the state board of investment must sell 
  1.8   five percent of the shares of stock that it owns in tobacco 
  1.9   companies.  For purposes of this section, a "tobacco company" 
  1.10  means a company that derived ten percent or more of its gross 
  1.11  revenue in calendar year 1994 from the sale of tobacco or 
  1.12  tobacco-related products.  The board must invest the proceeds 
  1.13  from this sale in the Minnesota technology equity fund.  This 
  1.14  section applies to stock held by the state board of investment 
  1.15  on behalf of a retirement fund or plan but does not apply to 
  1.16  stock held by the board on behalf of the postretirement fund.