MN HF2936

Transfers administration of school trust lands from the Commissioner of Natural Resources to a newly established school trust lands director position, effective July 1, 2020.

Establishes the school trust management account in the special revenue fund to receive all revenues from school trust lands and pay for mineral resource management, forest management, real estate transaction costs, and administrative expenses.

Grants the school trust lands director authority to direct real estate transactions, accept donations, conduct appraisals, employ staff, and develop strategic management plans for school trust lands in accordance with fiduciary duties to school beneficiaries.

Requires the Commissioner of Natural Resources and school trust lands director to submit a transition report by January 15, 2019, with recommendations for statutes and rules changes needed to fully transfer school trust land authority by July 1, 2020.

Reduces the minerals management account threshold from $3,000,000 to $1,500,000 before excess funds are distributed to permanent school fund and other trust funds.