HF 3501

as introduced - 89th Legislature (2015 - 2016) Posted on 03/23/2016 11:14am

A bill for an act
relating to natural resources; making distributions quarterly from the minerals
management account; amending Minnesota Statutes 2014, section 93.2236.

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

Section 1.

Minnesota Statutes 2014, section 93.2236, is amended to read:

93.2236 MINERALS MANAGEMENT ACCOUNT.

(a) The minerals management account is created as an account in the natural
resources fund. Interest earned on money in the account accrues to the account. Money in
the account may be spent or distributed only as provided in paragraphs (b) and (c).

(b) If the balance in the minerals management account exceeds $3,000,000 on new text begin March
31, new text end June 30, new text begin September 30, or December 31, new text end the amount exceeding $3,000,000 must
be distributed to the permanent school fund, the permanent university fund, and taxing
districts as provided in section 93.22, subdivision 1, paragraph (c). The amount distributed
to each fund must be in the same proportion as the total mineral lease revenue received
in the previous biennium from school trust lands, university lands, and lands held by the
state in trust for taxing districts.

(c) Subject to appropriation by the legislature, money in the minerals management
account may be spent by the commissioner of natural resources for mineral resource
management and projects to enhance future mineral income and promote new mineral
resource opportunities.