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HF 4345

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/21/2022 04:29pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to local government; providing additional investment authority for certain
self-insurance pools; proposing coding for new law in Minnesota Statutes, chapter
118A.

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

Section 1.

new text begin [118A.10] SELF-INSURANCE POOLS; ADDITIONAL INVESTMENT
AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Definition. new text end

new text begin For the purposes of this section, "qualifying government"
means a self-insurance pool formed under section 471.982.
new text end

new text begin Subd. 2. new text end

new text begin Additional investment authority. new text end

new text begin A qualifying government may invest in the
securities specified in section 11A.24 according to the limitations under subdivision 3.
new text end

new text begin Subd. 3. new text end

new text begin Approval. new text end

new text begin Before investing pursuant to this section, the governing body of a
qualifying government must adopt an investment policy pursuant to a resolution that includes
both of the following statements:
new text end

new text begin (1) the governing body understands that investments under this section have a risk of
loss; and
new text end

new text begin (2) the governing body understands the type of funds that are being invested and the
specific investment itself.
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