Minnesota Legislature
HF 268
as introduced - 94th Legislature (2025 - 2026) Posted on 02/10/2025 03:10pm
Bill Text Versions
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| Introduction | Posted on 02/10/2025 |
Current Version - as introduced
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A bill for an act
relating to transportation; establishing certain limitations on use of interest or
investment income from transportation revenue; amending Minnesota Statutes
2024, sections 162.16; 473.13, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2024, section 162.16, is amended to read:
162.16 INVESTMENT OF MONEY deleted text begin IN STATE-AID FUNDSdeleted text end .
new text begin Subdivision 1. new text end
new text begin State investment of state-aid funds. new text end
Upon the request of the
commissioner, money in the county state-aid highway fund and money in the municipal
state-aid street fund deleted text begin shalldeleted text end new text begin mustnew text end be invested by the State Board of Investment in those
securities authorized for such purpose in section 11A.21. All interest and profits from the
investments deleted text begin shalldeleted text end new text begin mustnew text end be credited to the fund on which the interest or profits are earned.
The commissioner of management and budget deleted text begin shall bedeleted text end new text begin isnew text end the custodian of all securities
purchased under the provisions of this section.
new text begin Subd. 2. new text end
new text begin Use of local investment. new text end
new text begin
(a) For purposes of this subdivision, "transportation
revenue source" includes but is not limited to:
new text end
new text begin
(1) funds provided to a local unit of government under section 16A.88 or 297A.815 or
chapters 160 to 174;
new text end
new text begin
(2) grants, loans, or other financial assistance provided in law from state sources of funds
for a specified transportation project, program, or purpose;
new text end
new text begin
(3) revenue from transportation-related taxes and fees authorized in state statutes,
including under sections 163.051, 297A.9915, 297A.992, 297A.993, 473.408, and 473.446,
except for filing fees under sections 168.33 and 171.061;
new text end
new text begin
(4) reserves established from a source specified in this paragraph; and
new text end
new text begin
(5) certificates of indebtedness, notes, or other obligations secured by a source specified
in this paragraph.
new text end
new text begin
(b) A local unit of government must use interest or other investment earnings on a
transportation revenue source only for transportation purposes.
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
Sec. 2.
Minnesota Statutes 2024, section 473.13, is amended by adding a subdivision to
read:
new text begin Subd. 7. new text end
new text begin Use of certain investment. new text end
new text begin
The council is subject to the requirements under
section 162.16, subdivision 2.
new text end
new text begin EFFECTIVE DATE; APPLICATION. new text end
new text begin
This section is effective the day following
final enactment and applies in the counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott, and Washington.
new text end