Title Minnesota Statutes, Minnesota Statutes

116O.20 DISSOLUTION. In the event of dissolution of Enterprise Minnesota, Inc. for any reason, the state of Minnesota, upon action by the governor, and after consultation with the Legislative Advisory Commission, may require the liquidation of all holdings and investments and the…

116P.01 FINDINGS. The legislature finds that all Minnesotans share the responsibility to ensure wise stewardship of the state's environment and natural resources for the benefit of current citizens and future generations. Proper management of the state's environment and natural r…

116P.011 CHAPTER DOES NOT APPLY TO CERTAIN APPROPRIATIONS. This chapter does not apply to appropriations from the environment and natural resources trust fund under section 116X.03 or to projects funded with those appropriations. History: 2023 c 67 art 2 s 1 NOTE: This section, a…

116P.02 DEFINITIONS. § Subdivision 1.Applicability. The definitions in this section apply to this chapter. § Subd. 2. [Repealed, 2006 c 243 s 22] § Subd. 3.Board. "Board" means the State Board of Investment. § Subd. 4.Commission. "Commission" means the Legislative-Citizen Commiss…

116P.03 TRUST FUND NOT TO SUPPLANT EXISTING FUNDING; APPROPRIATIONS. (a) The trust fund may not be used as a substitute for traditional sources of funding environmental and natural resources activities, but the trust fund shall supplement the traditional sources, including those …

116P.04 TRUST FUND ACCOUNT. § Subdivision 1.Establishment; investment. A Minnesota environment and natural resources trust fund, under article XI, section 14, of the Minnesota Constitution, is established as an account in the state treasury. The commissioner of management and bud…

116P.05 LEGISLATIVE-CITIZEN COMMISSION ON MINNESOTA RESOURCES. § Subdivision 1.Membership. (a) A Legislative-Citizen Commission on Minnesota Resources of 17 members is created in the legislative branch, consisting of the chairs of the house of representatives and senate committee…

116P.07 INFORMATION GATHERING. The commission may convene public forums or employ other methods to gather information for establishing priorities for funding. History: 1988 c 690 art 1 s 11; 1991 c 254 art 2 s 41; 1991 c 343 s 4; 2002 c 225 s 2; 2006 c 243 s 6

116P.08 TRUST FUND EXPENDITURES. § Subdivision 1.Expenditures. (a) Money in the trust fund may be spent only for: (1) the reinvest in Minnesota program as provided in section 84.95, subdivision 2; (2) research that contributes to increasing the effectiveness of protecting or mana…

116P.09 ADMINISTRATION. § Subdivision 1.Administrative authority. The commission may appoint legal and other personnel and consultants necessary to carry out functions and duties of the commission. Permanent employees shall be in the unclassified service. In addition, the commiss…

116P.10 ROYALTIES, COPYRIGHTS, PATENTS, AND SALE OF PRODUCTS AND ASSETS. (a) This section applies to projects supported by the trust fund and the oil overcharge money referred to in section 4.071, subdivision 2, each of which is referred to in this section as a "fund." (b) The fu…

116P.11 AVAILABILITY OF FUNDS FOR DISBURSEMENT. (a) The amount annually available from the trust fund for the legislative bill developed by the commission is as defined in the Minnesota Constitution, article XI, section 14. (b) Any appropriated funds not encumbered by the date th…

116P.12 WATER SYSTEM IMPROVEMENT; LOAN PROGRAM. § Subdivision 1.Loans authorized. (a) If the principal of the trust fund equals or exceeds $200,000,000, the commission may vote to set aside up to five percent of the principal of the trust fund for water system improvement loans. …

116P.15 CAPITAL CONSTRUCTION AND LAND ACQUISITION; RESTRICTIONS. § Subdivision 1.Scope. A recipient of an appropriation from the trust fund or the Minnesota future resources fund who acquires an interest in real property with the appropriation must comply with subdivision 2. A re…

116P.16 REAL PROPERTY INTERESTS AND CAPITAL ASSETS; REPORT. (a) By December 1 each year, a recipient of an appropriation from the trust fund, that is used for the acquisition of an interest in real property, including, but not limited to, an easement or fee title, or for the cons…

116P.17 ACQUIRING LANDS OR INTEREST IN LANDS; COMMISSIONER APPROVAL. § Subdivision 1.Commissioner approval. (a) A recipient of an appropriation from the trust fund who acquires an interest in real property must receive written approval from the commissioner of natural resources p…

116P.18 LANDS IN PUBLIC DOMAIN. Money appropriated from the trust fund must not be used to purchase any land in fee title or a permanent conservation easement if the land in question is fully or partially owned by the state or a political subdivision of the state or was acquired …

116P.19 DONATIONS. A recipient of money from the trust fund must not accept a monetary donation or payment from an owner of land that is acquired in fee in whole or in part with an appropriation from the trust fund that exceeds the documented expenses that are directly related to…

116P.20 EASEMENTS; MONITORING AND ENFORCEMENT REQUIREMENTS. A recipient of money appropriated from the trust fund for easement monitoring and enforcement may spend the money only on activities included in an easement monitoring and enforcement plan contained within the work plan.…

116P.21 ADDITIONAL CAPITAL CONSTRUCTION PROJECT REQUIREMENTS. § Subdivision 1.Full funding. If an appropriation from the trust fund for a capital construction project or project phase is not alone sufficient to complete the project or project phase and a commitment from sources o…

116Q.01 GREAT LAKES PROTECTION FUND. The Great Lakes protection fund has been created by the governors of the eight Great Lakes states as a nonprofit corporation under the laws of the state of Illinois. The fund is a permanent endowment whose purpose is to advance the principles,…

116Q.02 STATE RECEIPTS FROM FUND. § Subdivision 1.Great Lakes protection account. Any money received by the state from the Great Lakes protection fund, whether in the form of annual earnings or otherwise, must be deposited in the state treasury and credited to a special Great Lak…

116R.01 DEFINITIONS. § Subdivision 1.Application. The definitions in this section apply to sections 116R.01 to 116R.15. § Subd. 2.Bonds. "Bonds" means the bonds authorized under section 116R.02, subdivision 1, or bonds issued to refund these bonds, except for deficiency bonds. § …

116R.02 BOND ISSUE; SALE AUTHORIZATION. § Subdivision 1.Sale authorization. The commissioner of management and budget, upon the request of the governor, may issue and sell revenue bonds as provided under sections 116R.01 to 116R.15 in one or more series or issues for the purposes…

116R.03 GENERAL POWERS. For the purpose of exercising the specific powers authorized under sections 116R.01 to 116R.15 and effectuating the other purposes of sections 116R.01 to 116R.15, the commissioner may: (1) acquire, hold, pledge, assign, lease, or dispose of real or persona…

116R.04 REVENUE BONDS; PURPOSES, TERMS, APPROVAL. § Subdivision 1.Bonds. The commissioner from time to time may issue negotiable bonds in one or more series or issues in a principal amount which, in the opinion of the commissioner of employment and economic development, is necess…

116R.05 BONDS; ORDERS AUTHORIZING, ADDITIONAL TERMS, SALE. § Subdivision 1.Terms. The bonds must be authorized by an order or orders of the commissioner, bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denominations, be in su…

116R.06 BONDS; OPTIONAL ORDER AND CONTRACT PROVISIONS. Any order authorizing any bonds or any issue of bonds or any indenture may contain provisions, which may be a part of the contract with the holders of the bonds, as to the matters referred to in this section. (a) It may pledg…

116R.07 PLEDGES. Any pledge made by the commissioner is valid and binding from the time the pledge is made. The money or property pledged and later received by the commissioner is immediately subject to the lien of the pledge without any physical delivery of the property or money…

116R.08 BONDS; NONLIABILITY OF INDIVIDUALS. The commissioner and the commissioner's staff and any person executing the bonds are not personally liable on the bonds or subject to any personal liability or accountability by reason of their issuance. History: 1991 c 350 art 1 s 8

116R.09 BONDS; PURCHASE AND CANCELLATION. The commissioner, subject to agreements with bondholders which may then exist, has power out of any funds available for the purpose to purchase bonds of the commissioner at a price not exceeding (a) if the bonds are then redeemable, the r…

116R.10 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges and agrees with the holders of any bonds that the state will not limit or alter the rights vested in the commissioner to fulfill the terms of any agreements made with the bondholders, or in any way impair the…

116R.11 AIRCRAFT FACILITIES FUNDS AND DEBT SERVICE ACCOUNTS. § Subdivision 1.Funds. The commissioner or any trustee appointed by the commissioner under sections 116R.01 to 116R.15 shall establish and maintain an aircraft facilities fund for the project described in section 116R.0…

116R.12 POWERS AND DUTIES OF TRUSTEE. § Subdivision 1.General. The trustee, if any, designated in any indenture or order securing an issue of bonds may, in the trustee's own name, if so provided in the indenture or order: (1) enforce all rights of the bondholders, including the r…

116R.13 DEBT SERVICE RESERVE ACCOUNT. § Subdivision 1.Authority. The commissioner or a trustee appointed by the commissioner may create, maintain, and establish a special account or accounts for the security of one or more or all series of the bonds, which accounts are known as d…

116R.14 CONSTRUCTION. Sections 116R.01 to 116R.15 are necessary for the welfare of the state of Minnesota and its inhabitants; therefore, they shall be liberally construed to effect their purpose. History: 1991 c 350 art 1 s 14; 2007 c 138 s 16

116R.15 SEVERABILITY; ACTIONS. Each of the provisions of sections 116R.01 to 116R.15, and each application thereof to particular circumstances, is severable. If any provision or application is found to be unconstitutional and void, it is the intention that the remaining provision…

116S.01 DEFINITIONS. § Subdivision 1.Applicability. The definitions in this section apply to this chapter. § Subd. 2.Board. "Board" means the Board of Directors of Minnesota Business Finance, Inc. § Subd. 3.Corporation. "Corporation" means Minnesota Business Finance, Inc. History…

116S.02 CORPORATION; MEMBERS; BOARD OF DIRECTORS; POWERS. § Subdivision 1.Public corporation. Minnesota Business Finance, Inc. is a public corporation of the state and is not subject to the laws governing a state agency except as provided in this chapter. The business of the corp…

116S.03 CORPORATE PERSONNEL. § Subdivision 1.Generally. The board shall appoint and set the compensation for the executive director, who serves as chief executive officer of the corporation. The executive director's compensation may not exceed 95 percent of the salary of the gove…

116S.04 POWERS OF CORPORATION. § Subdivision 1.General corporate powers. (a) The corporation has the powers granted to a nonprofit corporation by section 317A.161, except as otherwise provided in this chapter. (b) Except as specified in section 116S.02, subdivision 10, the state …

116S.05 REGISTERED NAME. Notwithstanding section 317A.115, the secretary of state shall register the name "Minnesota Business Finance, Inc." on behalf of the corporation. History: 1993 c 177 s 6

116S.06 MINNESOTA BUSINESS FINANCE ACCOUNT. The Minnesota business finance account is an account in the special revenue fund. Money in the account not needed for the immediate purposes of the corporation may be invested by the state Board of Investment in any way authorized by se…

116S.07 AUDITS. The corporation is subject to the auditing requirements of sections 3.971 and 3.972. History: 1993 c 177 s 8

116S.08 ANNUAL REPORTS. The board shall submit annual reports to the chairs of the Committee on Commerce and Economic Development of the house of representatives and the Committee on Jobs, Energy and Community Development of the senate and to the Small Business Administration on …

116S.09 DISSOLUTION. In the event of dissolution of the corporation for any reason, the state, upon action by the governor, and after consultation with the Legislative Advisory Commission, may require the liquidation of all holdings and investments and the return of the proceeds …