2006 Minnesota Statutes

116J.955 RURAL REHABILITATION REVOLVING ACCOUNT.
    Subdivision 1. Establishment. The rural rehabilitation account is in the special revenue
fund. The money transferred to the state as a result of liquidating the Rural Rehabilitation
Corporation Trust, and money derived from transfer of the trust to the state, must be credited to
the rural rehabilitation account. The principal amount of the rural rehabilitation account must be
invested by the state investment board. The income attributable to investment of the principal is
appropriated to the commissioner for the purposes of Laws 1987, chapter 386, article 1.
    Subd. 2. Expenditure of account. The commissioner may use the rural rehabilitation
account for the purposes that are allowed under the Minnesota Rural Rehabilitation Corporation's
charter and agreement, as may be amended or modified by, the United States Secretary of
Agriculture as provided in Public Law 499, 81st Congress, enacted May 3, 1950 and as allowed
under Laws 1987, chapter 386, article 1. Not more than three percent of the combined book value
of the Minnesota rural rehabilitation account and the regional revolving funds may be used for
administrative purposes in a year without approval of the United States Secretary of Agriculture.
Any funds used for administrative purposes may only be drawn from money remaining in the
Minnesota rural rehabilitation account.
    Subd. 3. Transfer of authorized records to commissioner. The authority, assets, books, and
records held by the Minnesota Rural Rehabilitation Corporation and later by the state Executive
Council under Public Law 499, 81st Congress, May 3, 1950, is transferred to the commissioner.
History: 1985 c 254 s 2; 1987 c 386 art 1 s 1,2; 1989 c 335 art 4 s 49,50; 2003 c 128
art 13 s 22