HF 3030

as introduced - 86th Legislature (2009 - 2010) Posted on 02/17/2010 04:00pm

A bill for an act
relating to state government; requiring the State Board of Investment to consider
venture capital investments in businesses located in Minnesota; requiring a report;
amending Minnesota Statutes 2008, section 11A.24, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2008, section 11A.24, is amended by adding a
subdivision to read:

new text begin Subd. 6a. new text end

new text begin Minnesota venture capital businesses. new text end

new text begin In reviewing potential venture
capital investment opportunities that meet the standard of care in section 11A.09, the
board must first review potential investments in businesses located in Minnesota. At
least 20 percent of the value of each round of the board's venture capital investments
must be invested in businesses located in Minnesota unless the board certifies that its
review has determined that the 20 percent target cannot be satisfied within the standard
of care required by section 11A.09. If the board makes this certification, it must report
the percentage of venture capital investments for that round that were made in businesses
located in Minnesota. For purposes of this subdivision, a business is located in Minnesota
if: (1) the business has its headquarters in Minnesota; (2) at least 51 percent of the
business's employees are employed in Minnesota; and (3) at least 51 percent of the
business's total payroll is paid or incurred in Minnesota.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2010, and applies to
investments made on or after that date.
new text end