MN SF1982

Converts the Permanent School Fund Advisory Committee into the Legislative-Citizen Permanent School Fund Commission with 14 members, including legislators, public members appointed by the governor and legislative leadership, and requires members to have expertise in resource management, real estate, finance, or law.

Establishes a director of trust lands and mineral assets appointed by the commission to manage and oversee all school trust lands, replacing prior Department of Natural Resources authority over these lands.

Creates a school trust lands suspense account where all school trust land revenues are deposited, with the director certifying annual management costs and distributing remaining revenue to the school trust fund endowment.

Removes school trust lands from the minerals management account effective July 1, 2014, ensuring revenues from school trust lands are no longer distributed to the permanent university fund.

Effective date of July 1, 2014 for all major provisions, with the commission's first meeting to be convened by December 1, 2014.