language to be deleted (2) new language
Laws of Minnesota 1989 CHAPTER 51-S.F.No. 478 An act relating to education; providing for donations to the permanent school fund; amending Minnesota Statutes 1988, sections 84.085 and 124.08. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1988, section 84.085, is amended to read: 84.085 [ACCEPTANCE OF GIFTS.] The commissioner of natural resources may accept for and on behalf of the state any gift, bequest, device, or grants of lands or interest in lands or personal property of any kind or of money tendered to the state for any purpose pertaining to the activities of the department or any of its divisions. Any money so received is hereby appropriated and dedicated for the purpose for which it is granted. Lands and interests in lands so received may be sold or exchanged as provided in chapter 94. The commissioner may accept for and on behalf of the permanent school fund a donation of lands, interest in lands, or improvements on lands. A donation so received shall become state property, be classified as school trust land as defined in section 92.025, and be managed consistent with section 120.85. Sec. 2. Minnesota Statutes 1988, section 124.08, is amended to read: 124.08 [SCHOOL ENDOWMENT FUND, DESIGNATION.] For the purpose of aid to public schools,
thisa school endowment fund is established :. The school endowment fund , whichshall consist of the income from the permanent school fund. The commissioner of education may accept for and on behalf of the permanent school fund a donation of cash, marketable securities, or other personal property. A noncash donation, other than a donation of marketable securities, must be disposed of for cash as soon as the commissioner can obtain fair market value for the donation. Marketable securities may be disposed of at the discretion of the state board of investment consistent with sections 11A.16 and 11A.24. A cash donation and the cash receipts from a donation disposed of for cash must be credited immediately to the permanent school fund. Earnings from marketable securities are earnings of the permanent school fund. Presented to the governor April 21, 1989 Signed by the governor April 25, 1989, 4:59 p.m.