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11A.235 ACCOUNT FOR INVESTMENT OF CERTAIN DULUTH FUNDS OR ASSETS.
    Subdivision 1. Establishment. The State Board of Investment, when requested by the city of
Duluth, may invest the funds or assets of the city's community investment trust fund in a special
account for that purpose in the combined investment funds established in section 11A.14, subject
to the policies and procedures established by the State Board of Investment. Use of the funds in the
account is restricted to debt service payments for the city's street improvement program or to any
other use approved in accordance with Section 54(E) of the home rule charter of the city of Duluth.
    Subd. 2. Account maintenance and investment. The city may deposit money in the account
and may withdraw money from the account for purposes approved by the Duluth City Council in
accordance with Section 54(E) of the home rule charter of the city of Duluth. Such transactions
must be at a time and in a manner required by the executive director of the State Board of
Investment. Investment earnings must be credited to the account of the city. The account may be
terminated by the city at any time.
History: 2007 c 14 s 1
NOTE:This section is effective the day following the day on which the chief clerical officer
of the city of Duluth timely completes its compliance with Minnesota Statutes, section 645.021,
subdivision 3, following approval by the Duluth City Council in compliance with Minnesota
Statutes, section 645.021, subdivision 2.

Official Publication of the State of Minnesota
Revisor of Statutes