MN SF341

Governmental entities owning or operating hospitals gain authority to invest hospital funds in any security recommended by a registered investment adviser or bank/trust company, subject to written investment policies and procedures.

Hospital funds may be invested notwithstanding limitations in chapter 118A of Minnesota Statutes.

Cook ambulance service and Orr ambulance service may use 0.015 percent of taxable market value from hospital district tax levies for ambulance acquisitions, equipment, parts, and administrative and operational expenses.

Cook Hospital administers the ambulance service levy portion and distributes equal amounts directly to the Cook area ambulance service board and the city of Orr.

The investment authority provision and ambulance service tax use modification became effective the day following final enactment.