HF3475 Summary

• Creates an independent Permanent School Trust Lands Administration agency (effective July 1, 2013) to manage Minnesota's school trust lands, removing oversight from the Department of Natural Resources.

• Establishes a seven-member Board of Trustees appointed by the governor with senate consent for six-year terms, with members required to have professional qualifications in resource management, real estate, business, finance, trust administration, or natural resource law.

• Directs the administration to manage school trust lands to maximize long-term economic returns while balancing short-term and long-term interests and maintaining sound natural resource conservation principles.

• Transfers all personnel, equipment, and assets related to permanent school fund land management from the Department of Natural Resources to the new administration effective July 1, 2013.

• Requires the director to submit annual management budgets and financial plans by October 1 each year and report to the board quarterly on administration activities.