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    Subdivision 1. Appropriation of receipts. All receipts of every kind, nature, and description,
including student tuition and fees, all federal receipts, aids, contributions, and reimbursements,
but not including receipts attributable to state colleges and universities activity funds, in all the
state colleges and universities are appropriated to the board, but are subject to budgetary control
to be exercised by the commissioner of finance. The balance in these funds shall not cancel on
June 30, but shall be available in the next fiscal year.
    Subd. 2. Activity funds. All receipts attributable to the state colleges and universities activity
funds are appropriated to the board and are not subject to budgetary control as exercised by the
commissioner of finance.
    Subd. 3. Interest income. Beginning July 1, 1997, interest income attributable to general
fund dedicated receipts of the board is appropriated to the board. The board shall allocate the
income proportionately among the colleges and universities. The board shall report this income
separately in its biennial budget requests.
    Subd. 4. Banking services. Notwithstanding section 16A.27, the board shall have authority
to control the amount and manner of deposit of all receipts described in this section in depositories
selected by the board. The board's authority shall include specifying the considerations, financial
activities, and conditions required from the depository, including the requirement of collateral
security or a corporate surety bond as described in section 118A.03. The board may compensate
the depository, including paying a reasonable charge to the depository, maintaining appropriate
compensating balances with the depository, or purchasing non-interest-bearing certificates of
deposit from the depository for performing depository-related services.
History: 1995 c 212 art 4 s 48; 1996 c 398 s 51; 2007 c 144 art 2 s 41,42

Official Publication of the State of Minnesota
Revisor of Statutes