2006 Minnesota Statutes

16A.126 REVOLVING FUND BILLING.
    Subdivision 1. Set rates. The commissioner shall approve the rates an agency must pay to a
revolving fund for services.
    Subd. 2. Immediate needs. To reduce reserves for unforeseen needs, and so reduce these
rates, the commissioner may transfer money from the general fund to a revolving fund. Before
doing so, the commissioner must decide there is not enough money in the revolving fund for an
immediate, necessary expenditure. The amount necessary to make the transfer is appropriated
from the general fund to the commissioner of finance. The commissioner shall report the amount
and purpose of the transfer to the chair of the committee or division in the senate and house of
representatives with primary jurisdiction over the budget of the Department of Finance.
    Subd. 3. Repayment schedules. The commissioner shall make schedules for repayment to
the general fund of the transferred money. A schedule to repay money used to buy equipment
may extend over the equipment's useful life. Otherwise, a schedule may not extend beyond
five years. The repayment must include interest at a rate comparable to the rate earned by the
state on invested commissioner of finance's cash, as determined monthly by the commissioner.
An amount necessary to pay the interest is appropriated from the revolving fund to which the
transfer was made.
History: 1976 c 231 s 5; 1977 c 410 s 5; 1979 c 333 s 72; 1980 c 614 s 55; 1984 c 628 art 2
s 1; 1987 c 275 s 3; 1999 c 250 art 1 s 48; 2000 c 488 art 12 s 11; 2003 c 112 art 2 s 50