Minnesota Session Laws - 1998, Regular Session

                            CHAPTER 342-H.F.No. 113 
                  An act proposing an amendment to the Minnesota 
                  Constitution, article XI, section 14; extending to the 
                  year 2025 the dedication of lottery proceeds to the 
                  environment and natural resources trust fund and 
                  maximizing the long-term total return to the fund. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  [CONSTITUTIONAL AMENDMENT PROPOSED.] 
           An amendment to the Minnesota Constitution, article XI, 
        section 14, is proposed to the people.  If the amendment is 
        adopted, the section will read as follows: 
           Sec. 14.  A permanent Minnesota environment and natural 
        resources trust fund is established in the state treasury.  The 
        principal of the environment and natural resources trust fund 
        must be perpetual and inviolate forever, except appropriations 
        may be made from up to 25 percent of the annual revenues 
        deposited in the fund until fiscal year 1997 and Loans may be 
        made of up to five percent of the principal of the fund for 
        water system improvements as provided by law.  This restriction 
        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 earnings of the fund.  The net 
        earnings from assets of the fund shall be appropriated in a 
        manner prescribed by law for the public purpose of protection, 
        conservation, preservation, and enhancement of the state's air, 
        water, land, fish, wildlife, and other natural resources.  The 
        amount appropriated each year of a biennium, commencing on July 
        1 in each odd-numbered year and ending on and including June 30 
        in the next odd-numbered year, may be up to 5-1/2 percent of the 
        market value of the fund on June 30 one year before the start of 
        the biennium.  Not less than 40 percent of the net proceeds from 
        any state-operated lottery must be credited to the fund until 
        the year 2001 2025.  
           Sec. 2.  [SUBMISSION TO PEOPLE.] 
           The proposed amendment shall be submitted to the people at 
        the 1998 general election.  The question submitted shall be: 
           "Shall the Minnesota Constitution be amended to extend to 
        the year 2025 the dedication of lottery proceeds to the 
        environment and natural resources trust fund and to maximize the 
        long-term total return to the fund? 
                                           Yes .......
                                           No ........"
           Presented to the governor March 27, 1998 
           Signed by the governor March 31, 1998, 10:50 a.m.