Minnesota Session Laws - 1989, Regular Session

  

                         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, this a school 
endowment fund is established:.  
    The school endowment fund, which shall 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.