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MN SF643
Bill
Status
Introduced
3/7/2011
Primary Sponsor
Gen Olson
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AI Summary
- Amends Minnesota Statutes section 11A.16, subdivision 5, to clarify how the state board calculates investment income earned by the permanent school fund
- Expands the definition of investment income to include interest on debt securities, dividends on equity securities, and interest earned on certified monthly earnings prior to transfer to the Department of Education
- Maintains existing provisions for apportioning gains from security sales in equal installments over ten fiscal years to offset net losses
- Maintains existing provisions for recovering net losses from security sales first from apportioned gains, then from interest and dividend income over ten fiscal years if gains are insufficient
- Effective the day following final enactment
Legislative Description
Permanent school fund investment income earned calculation clarification
Last Action
Referred to Education
3/7/2011
Committee Referrals
Education3/7/2011
Full Bill Text
No bill text available