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116J.422 RURAL POLICY AND DEVELOPMENT CENTER FUND.
A rural policy and development center fund is established as an account in the state treasury.
The commissioner of finance shall credit to the account the amounts authorized under this section
and appropriations and transfers to the account. The state Board of Investment shall ensure that
account money is invested under section 11A.24. All money earned by the account must be
credited to the account. The principal of the account and any unexpended earnings must be
invested and reinvested by the state Board of Investment.
Gifts and donations, including land or interests in land, may be made to the account. 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 account. The value of marketable securities at the time the gift or donation
is made must be credited to the principal of the account and any earnings from the marketable
securities are earnings of the account. The earnings in the account are annually appropriated to the
board of the center for rural policy and development to carry out the duties of the center.
History: 1997 c 200 art 1 s 52

Official Publication of the State of Minnesota
Revisor of Statutes