2000 Minnesota Statutes

     93.222 Taconite iron ore special advance royalty account.

    The taconite iron ore special advance royalty account is 
 created as an account in the state treasury for disposal of 
 certain mineral lease money received under the terms of 
 extension agreements adopted under section 93.193, relating to 
 state iron ore or taconite iron ore mining leases.  The 
 principal of the account is distributed under the terms of the 
 extension agreements to the account or entity entitled by 
 applicable law and lease terms to receive the income from the 
 class of land being leased.  Interest accruing from investment 
 of the account remains with the account until distributed as 
 provided in this section.  The interest accrued through June 30 
 under each extension agreement is distributed annually, as soon 
 as possible after June 30, to the account or entity entitled by 
 applicable law and lease terms to receive the income from the 
 class of land being leased in the same proportion that the total 
 acres included in a particular class of land bears to the total 
 acreage of the leased land covered by each extension agreement.  
 Money in the taconite iron ore special advance royalty account 
 is appropriated for distribution as provided in this section.  

    HIST: 1989 c 335 art 1 s 80