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SF 399

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:46am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to natural resources; modifying distribution of minerals management
account; amending Minnesota Statutes 2010, section 93.2236.

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

Section 1.

Minnesota Statutes 2010, 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 June
30, the amount exceeding $3,000,000 must be distributed to the permanent school fund
deleted text begin anddeleted text end new text begin ,new text end the permanent university fundnew text begin , and the counties' forfeited tax sale fundsnew text end . 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 deleted text begin anddeleted text end new text begin ,new text end university landsnew text begin , and
tax-forfeited lands held in trust for each respective countynew text end .

(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.