1.1 	A bill for an act
1.2 	relating to capital investment; appropriating money for acquisition of school 
1.3 	trust land by the Department of Natural Resources; authorizing the sale and 
1.4 	issuance of state bonds.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. ACQUISITION OF SCHOOL TRUST LAND.
 1.7 		Subdivision 1.Appropriation. (a) $100,000,000 is appropriated from the bond 
1.8 	proceeds fund to the commissioner of natural resources to pay damages awarded in 
1.9 	acquiring school trust land by condemnation as provided in this subdivision. The damages 
1.10 	awarded shall be deposited into the permanent school fund.
1.11 	(b) The commissioner of natural resources shall exercise the power of eminent 
1.12 	domain under Minnesota Statutes, chapter 117, to acquire fee title to school trust lands.
1.13 	(c) Notwithstanding Minnesota Statutes, section 117.036, an appraisal of the land 
1.14 	is not required, and the value determination of the school trust land shall be done in a 
1.15 	manner developed by the commissioner of natural resources, in consultation with the 
1.16 	Permanent School Fund Advisory Committee.
1.17 	(d) For purposes of this section, "school trust land" has the meaning given under 
1.18 	Minnesota Statutes, section 92.025.
1.19 		Subd. 2.Bond sale. To provide the money appropriated in this section from the 
1.20 	bond proceeds fund, the commissioner of management and budget shall sell and issue 
1.21 	bonds of the state in an amount up to $100,000,000 in the manner, upon the terms, and 
1.22 	with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
1.23 	Minnesota Constitution, article XI, sections 4 to 7.

2.1 	EFFECTIVE DATE. This section is effective the day following final enactment.