as introduced - 92nd Legislature (2021 - 2022) Posted on 03/21/2022 02:33pm
A bill for an act
relating to higher education; modifying the permanent university fund for mineral
research; amending Minnesota Statutes 2020, section 137.022, subdivision 4.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2020, section 137.022, subdivision 4, is amended to read:
(a) All income credited after July 1, 1992,
to the permanent university fund from royalties for mining under state mineral leases from
and after July 1, 1991, must be allocated as provided in this subdivision.
(b)(1) Beginning January 1, 2013, 50 percent of the income must be allocated according
to this paragraph. One-half of the income under this paragraph, up to $50,000,000, must be
credited to the mineral research account of the fund to be allocated for the Natural Resources
Research Institute-Duluth and Coleraine facilities, for mineral and mineral-related research
including mineral-related environmental research. The other one-half of the income under
this paragraph, up to $25,000,000, is credited to an endowment for the costs of operating deleted text beginadeleted text end
mining, deleted text beginmetallurgicaldeleted text endnew text beginnew text end, or deleted text beginrelated engineeringdeleted text endnew text beginnew text end degree deleted text beginprogramdeleted text endnew text beginnew text end offered through thenew text beginnew text end University of Minnesota deleted text beginat Mesabi Range
Community and Technical Collegedeleted text endnew text beginnew text end and for scholarships for new text beginnew text endstudents to attend the
mining, deleted text beginmetallurgical, or related engineering programdeleted text endnew text beginnew text end. The maximum scholarship awarded to attend the deleted text beginmining, metallurgical, or related
engineeringdeleted text end degree deleted text beginprogramdeleted text endnew text beginnew text end funded under this paragraph cannot exceed deleted text begin$6,500deleted text endnew text beginnew text end per academic year and may be awarded a maximum
of four academic years.
(2) The remainder of the income under paragraph (a) plus the amount of any income
under clause (1) after $50,000,000 has been credited to the mineral research account for the
Natural Resources Research Institute and the amount of any income over the $25,000,000
for the deleted text beginengineering programdeleted text endnew text beginnew text end must be credited to the endowed
scholarship account of the fund for distribution annually for scholastic achievement as
provided by the Board of Regents to undergraduates enrolled at the University of Minnesota
who are resident students as defined in section 136A.101, subdivision 8.
(c) The annual distribution from the endowed scholarship account must be allocated to
the various campuses of the University of Minnesota in proportion to the number of
undergraduate resident students enrolled on each campus.
(d) The Board of Regents must report to the education committees of the legislature
biennially at the time of the submission of its budget request on the disbursement of money
from the endowed scholarship account and to the environment and natural resources
committees on the use of the mineral research account.
(e) Capital gains and losses and portfolio income of the permanent university fund must
be credited to its three accounts in proportion to the market value of each account.
(f) The endowment support from the income and capital gains of the endowed mineral
research and endowed scholarship accounts of the fund must not total more than six percent
per year of the 36-month trailing average market value of the account from which the support