MN SF2959

Expands the definition of "qualifying government" eligible for long-term equity investments to include counties and statutory or home rule charter cities with a population of 100,000 or less that receive an AA or higher bond rating from national rating organizations.

Clarifies that the bond rating requirement applies to the most recent long-term, senior, general obligation rating issued within the prior 18-month period by one or more national rating organizations.

Prevents governments with a population of 100,000 or less from making additional equity investments if subsequently rated below the highest category by a national bond rating agency, but allows continued management of previously invested funds.

Removes language requiring index mutual fund investments to be made directly with the main sales office when investing through the Minnesota State Board of Investment, while maintaining the requirement for direct purchases of index mutual funds.

Establishes an effective date of July 1, 2022 for all amendments to Minnesota Statutes 2020, section 118A.09.