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Key: (1) language to be deleted (2) new language

                            CHAPTER 387-S.F.No. 161 
                  An act relating to state government; proposing an 
                  amendment to the Minnesota Constitution, article V, 
                  sections 1, 3, and 4; article VIII, section 2; article 
                  XI, sections 7 and 8; abolishing the office of state 
                  treasurer; repealing the powers, responsibilities, and 
                  duties of the state treasurer; requiring a study of 
                  the issue of transferring the powers, duties, and 
                  responsibilities of the state treasurer; amending 
                  Minnesota Statutes 1996, sections 9.011, subdivision 
                  1; and 11A.03. 
                                   ARTICLE 1
           Section 1.  [CONSTITUTIONAL AMENDMENT.] 
           An amendment to the Minnesota Constitution is proposed to 
        the people.  If the amendment is adopted, article V, section 1, 
        will read: 
           Section 1.  The executive department consists of a 
        governor, lieutenant governor, secretary of state, auditor, 
        treasurer and attorney general, who shall be chosen by the 
        electors of the state.  The governor and lieutenant governor 
        shall be chosen jointly by a single vote applying to both 
        offices in a manner prescribed by law. 
           Article V, section 3, will read: 
           Sec. 3.  The governor shall communicate by message to each 
        session of the legislature information touching the state and 
        country.  He is commander-in-chief of the military and naval 
        forces and may call them out to execute the laws, suppress 
        insurrection and repel invasion.  He may require the opinion in 
        writing of the principal officer in each of the executive 
        departments upon any subject relating to his duties.  With the 
        advice and consent of the senate he may appoint notaries public 
        and other officers provided by law.  He may appoint 
        commissioners to take the acknowledgment of deeds or other 
        instruments in writing to be used in the state.  He shall take 
        care that the laws be faithfully executed.  He shall fill any 
        vacancy that may occur in the offices of secretary of state, 
        treasurer, auditor, attorney general and the other state and 
        district offices hereafter created by law until the end of the 
        term for which the person who had vacated the office was elected 
        or the first Monday in January following the next general 
        election, whichever is sooner, and until a successor is chosen 
        and qualified. 
           Article V, section 4, will read: 
           Sec. 4.  The term of office of the secretary of state, 
        treasurer, attorney general and state auditor is four years and 
        until a successor is chosen and qualified.  The duties and 
        salaries of the executive officers shall be prescribed by law. 
           Article VIII, section 2, will read: 
           Sec. 2.  The governor, secretary of state, treasurer, 
        auditor, attorney general and the judges of the supreme court, 
        court of appeals and district courts may be impeached for 
        corrupt conduct in office or for crimes and misdemeanors; but 
        judgment shall not extend further than to removal from office 
        and disqualification to hold and enjoy any office of honor, 
        trust or profit in this state.  The party convicted shall also 
        be subject to indictment, trial, judgment and punishment 
        according to law. 
           Article XI, section 7, will read: 
           Sec. 7.  Public debt other than certificates of 
        indebtedness authorized in section 6 shall be evidenced by the 
        issuance of bonds of the state.  All bonds issued under the 
        provisions of this section shall mature not more than 20 years 
        from their respective dates of issue and each law authorizing 
        the issuance of bonds shall distinctly specify the purposes 
        thereof and the maximum amount of the proceeds authorized to be 
        expended for each purpose.  The state treasurer shall maintain A 
        separate and special state bond fund shall be maintained on his 
        the official books and records.  When the full faith and credit 
        of the state has been pledged for the payment of bonds, the 
        state auditor shall levy each year on all taxable property 
        within the state a tax sufficient with the balance then on hand 
        in the fund to pay all principal and interest on bonds issued 
        under this section due and to become due within the ensuing year 
        and to and including July 1 in the second ensuing year.  The 
        legislature by law may appropriate funds from any source to the 
        state bond fund.  The amount of money actually received and on 
        hand pursuant to appropriations prior to the levy of the tax in 
        any year shall be used to reduce the amount of tax otherwise 
        required to be levied. 
           Article XI, section 8, will read: 
           Sec. 8.  The permanent school fund of the state consists of 
        (a) the proceeds of lands granted by the United States for the 
        use of schools within each township, (b) the proceeds derived 
        from swamp lands granted to the state, (c) all cash and 
        investments credited to the permanent school fund and to the 
        swamp land fund, and (d) all cash and investments credited to 
        the internal improvement land fund and the lands therein.  No 
        portion of these lands shall be sold otherwise than at public 
        sale, and in the manner provided by law.  All funds arising from 
        the sale or other disposition of the lands, or income accruing 
        in any way before the sale or disposition thereof, shall be 
        credited to the permanent school fund.  Within limitations 
        prescribed by law, the fund shall be invested to secure the 
        maximum return consistent with the maintenance of the perpetuity 
        of the fund. The principal of the permanent school fund shall be 
        perpetual and inviolate forever.  This does not prevent the sale 
        of investments at less than the cost to the fund; however, all 
        losses not offset by gains shall be repaid to the fund from the 
        interest and dividends earned thereafter.  The net interest and 
        dividends arising from the fund shall be distributed to the 
        different school districts of the state in a manner prescribed 
        by law. 
           A board of investment consisting of the governor, the state 
        auditor, the state treasurer, the secretary of state, and the 
        attorney general is hereby constituted for the purpose of 
        administering and directing the investment of all state funds.  
        The board shall not permit state funds to be used for the 
        underwriting or direct purchase of municipal securities from the 
        issuer or the issuer's agent. 
           Sec. 2.  [TRANSITION.] 
           If the proposed amendment is adopted, the office of 
        treasurer will be abolished on the first Monday in January 2003. 
           Sec. 3.  [SCHEDULE AND QUESTION.] 
           The proposed amendment shall be submitted at the 1998 
        general election.  If approved, the office of treasurer will be 
        abolished on the first Monday in January 2003.  The question 
        proposed shall be: 
           "Shall the Minnesota Constitution be amended to abolish the 
        office of state treasurer? 
                                           Yes .......
                                           No ........"
                                   ARTICLE 2
                         TRANSFER OF POWERS AND DUTIES
           Section 1.  [STUDY; TRANSFER OF POWERS AND DUTIES.] 
           The state treasurer, in consultation with the secretary of 
        state and the commissioner of finance, shall study the issue of 
        transferring the powers, duties, and responsibilities of the 
        state treasurer and shall recommend to the legislature an 
        appropriate agency or constitutional office to receive them.  
        The treasurer may also recommend any conditions that, in the 
        treasurer's opinion, should govern the transfer.  The 
        treasurer's recommendation must be made by January 15, 2000. 
           Sec. 2.  Minnesota Statutes 1996, section 9.011, 
        subdivision 1, is amended to read: 
           Subdivision 1.  [MEMBERS.] The executive council consists 
        of the governor, lieutenant governor, secretary of state, state 
        auditor, state treasurer, and attorney general.  The governor is 
           Sec. 3.  Minnesota Statutes 1996, section 11A.03, is 
        amended to read: 
           Pursuant to article XI, section 8, of the Constitution of 
        the state of Minnesota, the state board shall be composed of the 
        governor, state auditor, state treasurer, secretary of state and 
        attorney general.  The governor shall serve as ex officio chair 
        of the state board.  
           Sec. 4.  [EFFECTIVE DATE.] 
           Sections 1 to 3 are effective on the first Monday in 
        January 2003 if the amendment proposed under article 1 has been 
           Presented to the governor April 9, 1998 
           Signed by the governor April 9, 1998, 6:30 p.m.

Official Publication of the State of Minnesota
Revisor of Statutes