HF 1930

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the northeast Minnesota economic 
  1.3             protection trust; limiting expenditures from the 
  1.4             trust; amending Minnesota Statutes 2000, section 
  1.5             298.296, subdivision 2. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 298.296, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [EXPENDITURE OF FUNDS.] Before January 1, 
  1.10  2002 2010, funds may be expended on projects and for 
  1.11  administration of the trust fund only from the net interest, 
  1.12  earnings, and dividends arising from the investment of the trust 
  1.13  at any time, including net interest, earnings, and dividends 
  1.14  that have arisen prior to July 13, 1982, plus $10,000,000 made 
  1.15  available for use in fiscal year 1983, except that any amount 
  1.16  required to be paid out of the trust fund to provide the 
  1.17  property tax relief specified in Laws 1977, chapter 423, article 
  1.18  X, section 4, and to make school bond payments and payments to 
  1.19  recipients of taconite production tax proceeds pursuant to 
  1.20  section 298.225, may be taken from the corpus of the trust.  
  1.21  Additionally, upon recommendation by the board, up to 
  1.22  $13,000,000 from the corpus of the trust may be made available 
  1.23  for use as provided in subdivision 4, and up to $10,000,000 from 
  1.24  the corpus of the trust may be made available for use as 
  1.25  provided in section 298.2961.  On and after January 1, 2002 
  2.1   2010, funds may be expended on projects and for administration 
  2.2   from any assets of the trust.  Annual administrative costs, not 
  2.3   including detailed engineering expenses for the projects, shall 
  2.4   not exceed five percent of the net interest, dividends, and 
  2.5   earnings arising from the trust in the preceding fiscal year.  
  2.6      Principal and interest received in repayment of loans made 
  2.7   pursuant to this section, and earnings on other investments made 
  2.8   under section 298.292, subdivision 2, clause (4), shall be 
  2.9   deposited in the state treasury and credited to the trust.  
  2.10  These receipts are appropriated to the board for the purposes of 
  2.11  sections 298.291 to 298.298.