HF 2736

as introduced - 91st Legislature (2019 - 2020) Posted on 03/28/2019 05:10pm

A bill for an act
relating to iron range resources and rehabilitation; creating the Tom Rukavina
community college scholarship fund; transferring money; allowing county
scholarship funds to receive money from this new fund; amending Minnesota
Statutes 2018, section 298.2215, subdivision 1; proposing coding for new law in
Minnesota Statutes, chapter 298.

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

Section 1.

Minnesota Statutes 2018, section 298.2215, subdivision 1, is amended to read:

Subdivision 1.

Establishment.

A county may establish a scholarship fund from any
unencumbered revenue received pursuant to section 298.018, new text begin 298.2216, new text end 298.28, 298.39,
298.396, or 298.405 or any law imposing a tax upon severed mineral values. Scholarships
must be used at a two-year Minnesota State Colleges and Universities institution within the
county. The county shall establish procedures for applying for and distributing the
scholarships.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

new text begin [298.2216] TOM RUKAVINA COMMUNITY COLLEGE SCHOLARSHIP
FUND.
new text end

new text begin (a) The Tom Rukavina community college scholarship fund is established as a fund in
the state treasury. The commissioner of management and budget shall credit to the fund the
amounts authorized under this section and appropriations and transfers to the fund. The
State Board of Investment shall ensure that money in the fund is invested under section
11A.24. All money earned by the fund must be credited to the fund. The principal of the
fund and any unexpended earnings must be invested and reinvested by the State Board of
Investment.
new text end

new text begin (b) Gifts and donations, including land or interests in land, may be made to the fund.
Noncash gifts and donations must be disposed of for cash as soon as the Iron Range
Resources and Rehabilitation Board prudently can maximize the value of the gift or donation.
Gifts and donations of marketable securities may be held or disposed of for cash at the
option of the board. The cash receipts of gifts and donations of cash or capital assets and
marketable securities disposed of for cash must be credited immediately to the principal of
the fund. The value of marketable securities at the time the gift or donation is made must
be credited to the principal of the fund and any earnings from the marketable securities are
earnings of the fund. The earnings in the fund are annually appropriated to the Iron Range
Resources and Rehabilitation Board for distribution to the St. Louis County auditor to
distribute to entities created under section 298.2215.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin TRANSFER TO TOM RUKAVINA COMMUNITY COLLEGE
SCHOLARSHIP FUND.
new text end

new text begin Notwithstanding Minnesota Statutes, chapter 298, $5,000,000 is transferred from the
Douglas J. Johnson fund to the commissioner of Iron Range resources and rehabilitation
for deposit in the Tom Rukavina community college scholarship fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end