HF 2076

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/09/2021 11:45am

A bill for an act
relating to Iron Range resources and rehabilitation; establishing the Giants Ridge
account in the state treasury; appropriating money from the account; proposing
coding for new law in Minnesota Statutes, chapter 298.

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

Section 1.

new text begin [298.2216] GIANTS RIDGE ACCOUNT.
new text end

new text begin Subdivision 1. new text end

new text begin Account established. new text end

new text begin The Giants Ridge account is established in the
state treasury. The account may consist of appropriations made by the state or funds dedicated
by the Department of Iron Range Resources and Rehabilitation. 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 Definitions. new text end

new text begin (a) For purposes of this section, the following terms have the
meanings given.
new text end

new text begin (b) "Income" is the amount of interest or profit accruing from the investment of account
funds.
new text end

new text begin (c) "Long-term maintenance" means activities that would constitute substantial repairs
or rehabilitation.
new text end

new text begin (d) "Routine maintenance" means activities that are predictable and repetitive.
new text end

new text begin Subd. 3. 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 Iron Range resources and rehabilitation for capital
expenditures or facility operations or routine or long-term maintenance of the commercial,
state-owned assets within the Giants Ridge Recreation Area. No money from this account
may be used for any purposes except those described in this section, and no money from
this account may be transferred to any other account in the state treasury without specific
legislative authorization.
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 Iron Range resources and rehabilitation has authority to approve
or deny expenditures of funds in the account.
new text end

new text begin Subd. 4. 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 upon request to the commissioner of Iron Range resources and rehabilitation
for the purposes described in this section. The commissioner may also request appropriations
from the principal for capital expenditures when the commissioner determines such
expenditures are in the best interests of the agency.
new text end

new text begin Subd. 5. new text end

new text begin Investment. new text end

new text begin Funds in the account shall be invested pursuant to law by the State
Board of Investment.
new text end