1.1 	A bill for an act
1.2 	relating to arts and cultural heritage; providing a process for community 
1.3 	ownership of the Minnesota Orchestra;proposing coding for new law as 
1.4 	Minnesota Statutes, chapter 4B.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. [4B.01] PURPOSE.
1.7 	The legislature determines that:
1.8 	(1) having a world-renowned orchestra is an important asset to the state of 
1.9 	Minnesota, and ensuring that such a highly acclaimed orchestra is present in Minnesota 
1.10 	is an important public purpose;
1.11 	(2) providing broad-based local ownership of an orchestra develops trust among 
1.12 	patrons, taxpayers, and the orchestra's musicians and other staff, and helps ensure this 
1.13 	important asset will retain its high level of accomplishment and renown;
1.14 	(3) providing community ownership of an orchestra ensures that the artistic benefits 
1.15 	and any financial benefits will accrue to the community; and
1.16 	(4) enacting legislation providing for community ownership indicates to musicians 
1.17 	continuing support for a world-renowned orchestra in Minnesota.

1.18 	Sec. 2. [4B.02] ACQUISITION.
1.19 	(a) The governor must attempt to facilitate the formation of a corporation or other 
1.20 	form of business organization to acquire the Minnesota Orchestra and to identify a private 
1.21 	governing structure for the orchestra. The business organization formed to acquire the 
1.22 	orchestra shall have a capital structure in compliance with the following provisions:
2.1 	(1) no individual or entity may own more than five percent of the common stock of 
2.2 	the corporation; and
2.3 	(2) at least 50 percent of the ownership of the stock must be sold to members of the 
2.4 	general public in a general solicitation through which no person or entity may own more 
2.5 	than one percent of common stock of the corporation.
2.6 	(b) The governance documents of the business organization may provide for a class 
2.7 	of preferred stock in addition to common stock, and may specify what rights accrue to 
2.8 	each class of stock.
2.9 	(c) The governance documents of the business organization must ensure that artistic 
2.10 	decisions are made only by persons employed to make those decisions, and not by the 
2.11 	board of directors of the governing entity.

2.12 	Sec. 3. EFFECTIVE DATE.
 2.13 	Sections 1 and 2 are effective the day following final enactment.