116P.04 TRUST FUND ACCOUNT.
Subdivision 1. Establishment of account and investment.
A Minnesota environment
and natural resources trust fund, under article XI, section 14, of the Minnesota Constitution, is
established as an account in the state treasury. The commissioner of finance shall credit to the
trust fund the amounts authorized under this section and section
. The State Board of
Investment shall ensure that trust fund money is invested under section
. All money
earned by the trust fund must be credited to the trust fund. The principal of the trust fund and any
unexpended earnings must be invested and reinvested by the State Board of Investment.
Subd. 2.[Repealed, 1990 c 610 art 1 s 59
Subd. 3. Revenue.
Nothing in sections
limits the source of contributions
to the trust fund.
Subd. 4. Gifts and donations.
Gifts and donations, including land or interests in land, may
be made to the trust fund. Noncash gifts and donations must be disposed of for cash as soon as the
board prudently can maximize the value of the gift or donation. Gifts and donations of marketable
securities may be held or be disposed of for cash at the option of the board. The cash receipts of
gifts and donations of cash or capital assets and marketable securities disposed of for cash must
be credited immediately to the principal of the trust fund. The value of marketable securities at
the time the gift or donation is made must be credited to the principal of the trust fund and any
earnings from the marketable securities are earnings of the trust fund.
Subd. 5. Audits required.
The legislative auditor shall audit trust fund expenditures to
ensure that the money is spent for the purposes for which the money was appropriated.
History: 1988 c 690 art 1 s 8; 1990 c 610 art 1 s 44; 1991 c 343 s 1; 2006 c 243 s 4