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SF 2110

as introduced - 93rd Legislature (2023 - 2024) Posted on 06/14/2023 01:09pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to minerals; creating a Giants Ridge account; providing for use of funds;
proposing coding for new law in Minnesota Statutes, chapter 298.

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

Section 1.

new text begin [298.2216] GIANTS RIDGE ACCOUNT.
new text end

new text begin Subdivision 1. new text end

new text begin Account established. new text end

new text begin The Giants Ridge account is established in the
state treasury. The account consists of appropriations made by the state or funds dedicated
by the Department of Iron Range Resources and Rehabilitation. The account may also
receive private contributions, gifts, or grants under section 16A.013. Any interest or profit
accruing from investment of these sums is credited to the account.
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin (a) For the purposes of this section the following terms have the
meanings given.
new text end

new text begin (b) "Commissioner" means the commissioner of Iron Range resources and rehabilitation.
new text end

new text begin (c) "Income" means the amount of interest or profit accruing from the investment of
account funds.
new text end

new text begin (d) "Long-term maintenance" means activities that would constitute substantial repairs
or rehabilitation.
new text end

new text begin (e) "Routine maintenance" means activities that are predictable and repetitive.
new text end

new text begin Subd. 3. new text end

new text begin Use of funds. new text end

new text begin (a) Income derived from the investment of principal in the account
may be used by the commissioner for capital expenditures, facility operations, or routine
or long-term maintenance of the commercial, state-owned assets within the Giants Ridge
Recreation Area. No money from this account may be used for any purposes except those
described in this section and no money from this account may be transferred to any other
account in the state treasury without specific legislative authorization.
new text end

new text begin (b) Investment management fees incurred by the State Board of Investment are eligible
expenses for reimbursement from the account.
new text end

new text begin (c) The commissioner has authority to approve or deny expenditures of funds in the
account.
new text end

new text begin Subd. 4. new text end

new text begin Appropriation. new text end

new text begin Income in the account derived from the investment of principal
is appropriated upon request by the commissioner to the agency for the purposes described
in this section. The commissioner may also request appropriations from the principal for
capital expenditures when the commissioner determines such expenditures are in the best
interest of the agency.
new text end

new text begin Subd. 5. new text end

new text begin Investment. new text end

new text begin Funds in the account shall be invested pursuant to law by the State
Board of Investment.
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