Minnesota Legislature
SF 2959
1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 03/22/2022 10:04am
Current Version - 1st Engrossment
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A bill for an act
relating to local government; expanding eligibility for long-term equity investment;
making technical amendments to language; amending Minnesota Statutes 2020,
section 118A.09, subdivisions 1, 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2020, section 118A.09, subdivision 1, is amended to read:
Subdivision 1.
Definition; qualifying government.
"Qualifying government" means:
(1) a county or statutory or home rule charter city with a population of more than 100,000;
(2) a county or statutory or home rule charter city deleted text begin which had its most recently issued
general obligation bonds rated in the highest category by a national bond rating agencydeleted text end new text begin
whose most recent long-term, senior, general obligation rating by one or more national
rating organizations in the prior 18-month period is AA or highernew text end ; or
(3) a self-insurance pool listed in section 471.982, subdivision 3.
A county or statutory or home rule charter city with a population of 100,000 or less that is
a qualifying government, but is subsequently rated less than the highest category by a
national bond rating agency on a general obligation bond issue, may not invest additional
funds under this section but may continue to manage funds previously invested under
subdivision 2.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2022.
new text end
Sec. 2.
Minnesota Statutes 2020, section 118A.09, subdivision 2, is amended to read:
Subd. 2.
Additional investment authority.
Qualifying governments may invest the
amount described in subdivision 3:
(1) in index mutual funds based in the United States and indexed to a broad market
United States equity indexnew text begin , on the condition that index mutual fund investments must be
made directly with the main sales office of the fundnew text end ; or
(2) with the Minnesota State Board of Investment subject to such terms and minimum
amounts as may be adopted by the board. deleted text begin Index mutual fund investments must be made
directly with the main sales office of the fund.
deleted text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2022.
new text end