SF 2653

as introduced - 91st Legislature (2019 - 2020) Posted on 03/28/2019 03:55pm

A bill for an act
relating to education finance; appropriating money for a grant to the city of St.
Paul to create college savings accounts at birth; requiring a report.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. APPROPRIATIONS.

Subdivision 1.

Department of Education.

The sums indicated in this section are
appropriated from the general fund to the Department of Education for the fiscal years
designated.

Subd. 2.

St. Paul citywide college savings account program.

(a) For a matching grant
to the city of St. Paul to establish, fund, and promote a program creating a college savings
account for every child born in the city of St. Paul starting in fiscal year 2020.

	$	450,000	.....	2020
	$	450,000	.....	2021

(b) The city will administer the program and partner with a qualified financial institution
to support current and potential program participants and their families. The city is the
owner of an account established under this program, but the beneficiary must be the
individual child.

(c) The city must use the grant money to establish and fund the accounts, to provide
incentives to current and potential program participants and their families, and to provide
outreach and education to current and potential program participants and their families. The
city may not use grant funds for the administrative costs of managing and operating the
program.

(d) By February 15, 2021, the city must submit a report detailing expenditures and
outcomes of the programs to the commissioner of education and the chairs and ranking
minority members of the legislative committees with primary jurisdiction over kindergarten
through grade 12 education policy and finance. The report must, at a minimum:

(1) provide a detailed explanation of program features, including program rules and
regulations;

(2) discuss the city's efforts to provide outreach and education to current and potential
program participants and their families;

(3) identify the number of accounts created in the program to date, including basic
demographic information about account beneficiaries; and

(4) analyze the feasibility of expanding the program statewide.

(e) This is a onetime appropriation. Grant money provided under this subdivision must
be matched with money from nonstate sources. This appropriation is available until December
30, 2022.