1997 Minnesota Statutes

     176A.11 Appropriation. 

    Subdivision 1.    Authorization.  There is appropriated 
 from the general fund to the state fund mutual insurance company 
 a sum of $125,600 to be available until expended.  There is 
 appropriated from the general fund to the commissioner of 
 finance the amounts of $1,176,900 in fiscal year 1984, and 
 $4,424,900 in fiscal year 1985, for the purpose of transfer to 
 the state fund mutual insurance company upon certification of 
 need in accordance with procedures developed by the 
 commissioner.  If the appropriation for either year is 
 insufficient, the appropriation for the other year is available 
 for it.  Any amount appropriated or transferred plus interest at 
 eight percent a year shall be amortized over a ten-year period 
 and shall be repaid by the fund to the general fund in equal 
 installments at the end of each fiscal year with the first 
 payment occurring on June 30, 1986, provided that the fund shall 
 not begin repayment on this date unless there exists sufficient 
 earned surplus to comply with state law.  Repayment shall then 
 begin under the terms of this subdivision when sufficient earned 
 surplus exists.  

    Subd. 2.    Moratorium on payments.  No payments of 
 principal shall be made in regard to the amounts appropriated 
 pursuant to subdivision 1 until all obligations owed to the 
 workers' compensation reinsurance association pursuant to 
 section 79.371 have been satisfied. 

    Subd. 3.    Insolvency.  In the case of the insolvency 
 of the state fund mutual insurance company, the obligation to 
 the general fund for the amounts appropriated pursuant to 
 subdivision 1 shall be subordinate to the obligations owed to 
 the workers' compensation reinsurance association pursuant to 
 section 79.371.  This provision shall not affect the priority of 
 the obligation to the general fund as to any other creditor of 
 the state fund mutual insurance company or in any other way.  

    HIST: 1983 c 287 art 2 s 11; 1988 c 427 s 3; 1993 c 228 s 3 

*   NOTE:  Subdivisions 2 and 3, as added by Laws 1993, chapter 
*228, section 3, are repealed effective March 1, 2009.  Laws 
*1993, chapter 228, section 4.