MN SF1889

Converts the Permanent School Fund Advisory Committee into a Legislative-Citizen Permanent School Fund Commission with 16 members, including legislative representatives, gubernatorial appointees, and public members with expertise in resource management, real estate, finance, and trust administration.

Creates a new School Trust Lands Advisor position appointed by the governor with senate consent, who must have expertise in finance, business, minerals, forest and real estate management, and fiduciary responsibilities; compensation set under chapter 15A.

Requires the commissioner of natural resources to prioritize long-term economic return on school trust lands; mandates identification of all lands with restrictions on economic return by 2013 and compensation or removal of such restrictions by July 1, 2016.

Establishes that the commission shall submit annual reports by January 15 to the legislature recommending management policies to maximize long-term economic return while maintaining natural resource conservation principles and managing permanent school fund asset allocation.

Adds conflict of interest provisions for commission members, open meeting requirements with seven-member quorum, and specifies the School Trust Lands Advisor shall provide staffing and support to the commission; effective date of July 1, 2013 for forest trust lands provisions.