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SF 2562

as introduced - 87th Legislature (2011 - 2012) Posted on 03/27/2012 08:25am

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

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
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2.1

A bill for an act
relating to capital investment; appropriating money for acquisition of school
trust land by the Department of Natural Resources; authorizing the sale and
issuance of state bonds.

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

Section 1. new text beginACQUISITION OF SCHOOL TRUST LAND.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $100,000,000 is appropriated from the bond
proceeds fund to the commissioner of natural resources to pay damages awarded in
acquiring school trust land by condemnation as provided in this subdivision. The damages
awarded shall be deposited into the permanent school fund.
new text end

new text begin (b) The commissioner of natural resources shall exercise the power of eminent
domain under Minnesota Statutes, chapter 117, to acquire fee title to school trust lands.
new text end

new text begin (c) Notwithstanding Minnesota Statutes, section 117.036, an appraisal of the land
is not required, and the value determination of the school trust land shall be done in a
manner developed by the commissioner of natural resources, in consultation with the
Permanent School Fund Advisory Committee.
new text end

new text begin (d) For purposes of this section, "school trust land" has the meaning given under
Minnesota Statutes, section 92.025.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $100,000,000 in the manner, upon the terms, and
with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
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