HF 3142

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to state government; encouraging the State Board of Investment to make
certain of its venture capital investments in Minnesota businesses; requiring
reporting; amending Minnesota Statutes 2006, section 11A.24, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2006, 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 investments. new text end

new text begin The board must attempt to
ensure that at least one percent of the value of its private equity investments are in venture
capital businesses, a majority of whose employees are in Minnesota. The board must
report to the legislature by January 15 each year on compliance with this subdivision
during the fiscal year ending the prior June 30.
new text end

Sec. 2. new text begin EFFECTIVE DATE; APPLICATION.
new text end

new text begin Section 1 is effective July 1, 2008. The board's first report to the legislature is due
January 15, 2009.
new text end