SF 418

1st Engrossment - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to public lands; authorizing alternative
investments of county environmental trust fund
deposits; amending Laws 1998, chapter 389, article 16,
section 31, subdivision 4, as amended.

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

Section 1.

Laws 1998, chapter 389, article 16, section 31,
subdivision 4, as amended by Laws 1999, chapter 180, section 3,
and Laws 2001, chapter 164, section 5, is amended to read:

Subd. 4.

County environmental trust fund.

Notwithstanding the provisions of Minnesota Statutes, chapter
282, and any other law relating to the apportionment of proceeds
from the sale of tax-forfeited land, and except as otherwise
provided in this section, a county board must deposit the money
received from the sale of land under subdivision 3 into an
environmental trust fund established by the county under this
subdivision. new text begin The county board may: (1) deposit part or all of
the environmental trust fund money as provided in Minnesota
Statutes, chapter 118A; or (2) enter into an agreement with the
State Board of Investment to invest all or part of the money in
investments under Minnesota Statutes, section 11A.24,
subdivisions 1 to 5, on behalf of the county. new text end The following may
be withheld by a county board and are not required to be
deposited into an environmental trust fund: the costs of
appraisal, abstracts, and surveys; money received from a sale
which is attributable to land owned by a county in fee; amounts
paid to lessees for improvements; amounts paid to acquire land
which is included in a county plan for exchange and is conveyed
to the state in the exchange, including the purchase price,
appraisal, abstract, survey, and closing costs; and the costs of
sale to lessees or other parties, including the costs of
advertising, realtors, and closing services. If the proceeds
from the sale of tax-forfeited land in a county deleted text begin is deleted text end new text begin are new text end $250,000
or more, deleted text begin the principal from the sale of the land may not be
expended, deleted text end new text begin the amount the county may spend from the fund each
calendar year may not exceed 5-1/2 percent of the market value
of the fund on January 1 of the preceding calendar year, new text end and the
county board may spend deleted text begin interest earned on the principal deleted text end new text begin money
from the fund new text end only for purposes related to the improvement of
natural resources. To the extent money received from the sale
is attributable to tax-forfeited land from another county, the
money must be deposited in an environmental trust fund
established under this section by that county board.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end