2004 Minnesota Statutes

     137.025 Appropriations; payment. 

    Subdivision 1.    Appropriations not for buildings.  The 
 commissioner of finance shall pay no money to the University of 
 Minnesota pursuant to a direct appropriation, other than an 
 appropriation for buildings, until the university first 
 certifies to the commissioner of finance that its aggregate 
 balances in the temporary investment pool, cash, or separate 
 investments, resulting from all state maintenance and special 
 appropriations do not exceed $7,000,000, or any other amount 
 specified in the act making the appropriation, plus one-third of 
 all tuition and fee payments from the previous fiscal year.  
 Upon this certification, 1/12 of the annual appropriation to the 
 university shall be paid at the beginning of each month.  
 Additional payments shall be made by the commissioner of finance 
 whenever the state appropriations and tuition aggregate balances 
 in the temporary investment pool, cash, or separate investments 
 are reduced below the indicated levels. 

    Subd. 2.    Appropriations for buildings.  The 
 commissioner of finance shall pay no money to the University of 
 Minnesota pursuant to a direct appropriation for buildings until 
 all balances separately invested, including cash, and those in 
 the temporary investment pool attributable to all state building 
 funds shall be reduced below $5,000,000, or any other amount 
 specified in the act making the appropriation.  Payment shall 
 then be made upon certification of the amounts needed for 
 construction payments, but so as not to increase the building 
 balances in cash, separately invested, or in the temporary 
 investment pool, to a total above the indicated level. 

    Subd. 3.    Investment; income.  Money not paid to the 
 university by reason of the foregoing requirements shall be 
 invested by the state in those securities authorized by section 
 11A.25 until paid to the university.  Income from investments 
 shall be credited to the general fund in the state treasury. 

    HIST: 1976 c 163 s 24; 1980 c 607 art 14 s 46; 1987 c 401 s 29