as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to metropolitan government; authorizing the 1.3 State Board of Investment to invest certain funds or 1.4 assets of the Metropolitan Council upon request; 1.5 amending Minnesota Statutes 2002, section 473.13, by 1.6 adding a subdivision. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. Minnesota Statutes 2002, section 473.13, is 1.9 amended by adding a subdivision to read: 1.10 Subd. 5. [INVESTING POSTRETIREMENT RESERVES.] The State 1.11 Board of Investment, when requested by the council, 1.12 notwithstanding chapter 118A, may invest any funds or assets 1.13 that the council may hold as a reserve for the payment of 1.14 potential and estimated postretirement benefits to employees of 1.15 the council. The reserve of funds or assets by the council for 1.16 potential and estimated postretirement benefits, and their 1.17 investment by the State Board of Investment under this 1.18 subdivision, does not constitute an irrevocable dedication of 1.19 the funds or assets for such use. 1.20 Sec. 2. [APPLICATION.] 1.21 This act applies in the counties of Anoka, Carver, Dakota, 1.22 Hennepin, Ramsey, Scott, and Washington. 1.23 Sec. 3. [EFFECTIVE DATE.] 1.24 This act is effective the day following its final enactment.