1997 Minnesota Statutes

     298.227 Taconite economic development fund. 

    An amount equal to that distributed pursuant to each 
 taconite producer's taxable production and qualifying sales 
 under section 298.28, subdivision 9a, shall be held by the iron 
 range resources and rehabilitation board in a separate taconite 
 economic development fund for each taconite and direct reduced 
 ore producer.  Money from the fund for each producer shall be 
 released only on the written authorization of a joint committee 
 consisting of an equal number of representatives of the salaried 
 employees and the nonsalaried production and maintenance 
 employees of that producer.  The district 11 director of the 
 United States Steelworkers of America, on advice of each local 
 employee president, shall select the employee members.  In 
 nonorganized operations, the employee committee shall be elected 
 by the nonsalaried production and maintenance employees.  Each 
 producer's joint committee may authorize release of the funds 
 held pursuant to this section only for acquisition of equipment 
 and facilities for the producer or for research and development 
 in Minnesota on new mining, or taconite, iron, or steel 
 production technology.  Funds may be released only upon a 
 majority vote of the representatives of the committee.  If a 
 taconite production facility is sold after operations at the 
 facility had ceased, any money remaining in the fund for the 
 former producer may be released to the purchaser of the facility 
 on the terms otherwise applicable to the former producer under 
 this section.  Any portion of the fund which is not released by 
 a joint committee within two years of its deposit in the fund 
 shall be divided between the taconite environmental protection 
 fund created in section 298.223 and the northeast Minnesota 
 economic protection trust fund created in section 298.292 for 
 placement in their respective special accounts.  Two-thirds of 
 the unreleased funds shall be distributed to the taconite 
 environmental protection fund and one-third to the northeast 
 Minnesota economic protection trust fund.  

    HIST: 1992 c 511 art 9 s 8; 1993 c 375 art 16 s 1; 1994 c 587 
 art 6 s 2; 1995 c 264 art 7 s 2; 1996 c 471 art 12 s 1