2001 Minnesota Statutes

     116P.11 Availability of funds for disbursement. 

    (a) The amount biennially available from the trust fund for 
 the budget plan developed by the commission consists of the 
 earnings generated from the trust fund.  Earnings generated from 
 the trust fund shall equal the amount of interest on debt 
 securities and dividends on equity securities.  Gains and losses 
 arising from the sale of securities shall be apportioned as 
 follows:  

    (1) if the sale of securities results in a net gain during 
 a fiscal year, the gain shall be apportioned in equal 
 installments over the next ten fiscal years to offset net losses 
 in those years.  If any portion of an installment is not needed 
 to recover subsequent losses identified in paragraph (b), it 
 shall be added to the principal of the fund; and 

    (2) if the sale of securities results in a net loss during 
 a fiscal year, the net loss shall be recovered from the gains in 
 paragraph (a) apportioned to that fiscal year.  If such gains 
 are insufficient, any remaining net loss shall be recovered from 
 interest and dividend income in equal installments over the 
 following ten fiscal years.  

    (b) For funding projects until fiscal year 1997, the 
 following additional amounts are available from the trust fund 
 for the budget plans developed by the commission:  

    (1) for the 1991-1993 biennium, up to 25 percent of the 
 revenue deposited in the trust fund in fiscal years 1990 and 
 1991; 

    (2) for the 1993-1995 biennium, up to 20 percent of the 
 revenue deposited in the trust fund in fiscal year 1992 and up 
 to 15 percent of the revenue deposited in the fund in fiscal 
 year 1993; 

    (3) for the 1993-1995 biennium, up to 25 percent of the 
 revenue deposited in the trust fund in fiscal years 1994 and 
 1995, to be expended only for capital investments in parks and 
 trails; and 

    (4) for the 1995-1997 biennium, up to 25 percent of the 
 revenue deposited in the fund in fiscal year 1996, to be 
 expended only for capital investments in parks and trails. 

    (c) Any appropriated funds not encumbered in the biennium 
 in which they are appropriated cancel and must be credited to 
 the principal of the trust fund. 

    HIST: 1988 c 690 art 1 s 15; 1990 c 594 art 1 s 57; 1990 c 612 
 s 14; 1992 c 513 art 2 s 27; 1992 c 539 s 10; 1993 c 300 s 10; 
 1994 c 580 s 5; 1995 c 220 s 111