1999 Minnesota Statutes

     62J.694 Medical education endowment fund. 

    Subdivision 1.    Creation.  The medical education 
 endowment fund is created in the state treasury.  The state 
 board of investment shall invest the fund under section 11A.24.  
 All earnings of the fund must be credited to the fund.  The 
 principal of the fund must be maintained inviolate. 

    Subd. 2.    Expenditures.  (a) Earnings of the fund, up 
 to five percent of the fair market value of the fund, are 
 appropriated for medical education activities in the state of 
 Minnesota.  The appropriations are to be transferred quarterly 
 for the purposes identified in the following paragraphs.  Actual 
 appropriations are not to exceed actual earnings. 

    (b) For fiscal year 2000, 70 percent of the appropriation 
 in paragraph (a) is for transfer to the board of regents for the 
 instructional costs of health professional programs at the 
 academic health center and affiliated teaching institutions, and 
 30 percent of the appropriation is for transfer to the 
 commissioner of health to be distributed for medical education 
 under section 62J.692.  

    (c) For fiscal year 2001, 49 percent of the appropriation 
 in paragraph (a) is for transfer to the board of regents for the 
 instructional costs of health professional programs at the 
 academic health center and affiliated teaching institutions, and 
 51 percent is for transfer to the commissioner of health to be 
 distributed for medical education under section 62J.692. 

    (d) For fiscal year 2002, and each year thereafter, 42 
 percent of the appropriation in paragraph (a) may be 
 appropriated by another law for the instructional costs of 
 health professional programs at publicly funded academic health 
 centers and affiliated teaching institutions, and 58 percent is 
 for transfer to the commissioner of health to be distributed for 
 medical education under section 62J.692. 

    (e) A maximum of $150,000 of each annual appropriation to 
 the commissioner of health in paragraph (d) may be used by the 
 commissioner for administrative expenses associated with 
 implementing section 62J.692. 

    Subd. 3.    Audits required.  The legislative auditor 
 shall audit endowment fund expenditures to ensure that the money 
 is spent for the purposes set out in this section. 

    Subd. 4.    Sunset.  The medical education endowment 
 fund expires June 30, 2015.  Upon expiration, the commissioner 
 of finance shall transfer the principal and any remaining 
 interest to the general fund. 

    HIST: 1999 c 245 art 11 s 2