Minnesota SF 2548: Permanent university fund modification for mineral research

Bill Text

1.1 A bill for an act​
1.2 relating to higher education; modifying the permanent university fund for mineral​
1.3 research; amending Minnesota Statutes 2022, section 137.022, subdivision 4.​
1.4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.5 Section 1. Minnesota Statutes 2022, section 137.022, subdivision 4, is amended to read:​
1.6 Subd. 4.Mineral research; scholarships.(a) All income credited after July 1, 1992,​
1.7 to the permanent university fund from royalties for mining under state mineral leases from​
1.8 and after July 1, 1991, must be allocated as provided in this subdivision.​
1.9 (b)(1) Beginning January 1, 2013, 50 percent of the income must be allocated according​
1.10 to this paragraph. One-half of the income under this paragraph, up to $50,000,000, must be​
1.11 credited to the mineral research account of the fund to be allocated for the Natural Resources​
1.12 Research Institute-Duluth and Coleraine facilities, for mineral and mineral-related research​
1.13 including mineral-related environmental research. The other one-half of the income under​
1.14 this paragraph, up to $25,000,000, is credited to an endowment for the costs of operating a​
1.15 mining, metallurgical, or related engineering mineral, mineral-related, or science, technology,​
1.16 engineering, and mathematics (STEM) degree program programs offered through the​
1.17 University of Minnesota at Mesabi Range Community and Technical College Minnesota​
1.18 North College and the Swenson College of Science and Engineering at Duluth to support​
1.19 workforce development and collaborations benefiting regional academics, industry, and​
1.20 natural resources on the Iron Range in northeast Minnesota and for scholarships for​
1.21 Minnesota students, prioritizing students in the Minnesota Economic Development Region​
1.22 3, to attend the mining, metallurgical, or related engineering program mineral,​
1.23 mineral-related, or STEM programs. The maximum scholarship awarded to attend the​
1​Section 1.​
S2548-1 1st Engrossment​SF2548 REVISOR JFK​
SENATE​
STATE OF MINNESOTA​
S.F. No. 2548​NINETY-THIRD SESSION​
(SENATE AUTHORS: HAUSCHILD, Farnsworth, Rarick and Eichorn)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​1344​03/06/2023​
Referred to Higher Education​
Comm report: To pass as amended​1449​03/09/2023​
Second reading​1471​
Rule 47, returned to Higher Education​11498​

2.1 mining, metallurgical, or related engineering degree program programs funded under this​
2.2 paragraph cannot exceed $6,500 75 percent of current resident tuition rates per academic​
2.3 year and may be awarded a maximum of four academic years.​
2.4 (2) The remainder of the income under paragraph (a) plus the amount of any income​
2.5 under clause (1) after $50,000,000 has been credited to the mineral research account for the​
2.6 Natural Resources Research Institute and the amount of any income over the $25,000,000​
2.7 for the engineering program programming in clause (1) must be credited to the endowed​
2.8 scholarship account of the fund for distribution annually for scholastic achievement as​
2.9 provided by the Board of Regents to undergraduates enrolled at the University of Minnesota​
2.10 who are resident students as defined in section 136A.101, subdivision 8.​
2.11 (c) The annual distribution from the endowed scholarship account must be allocated to​
2.12 the various campuses of the University of Minnesota in proportion to the number of​
2.13 undergraduate resident students enrolled on each campus.​
2.14 (d) The Board of Regents must report to the education committees of the legislature​
2.15 biennially at the time of the submission of its budget request on the disbursement of money​
2.16 from the endowed scholarship account and to the environment and natural resources​
2.17 committees on the use of the mineral research account.​
2.18 (e) Capital gains and losses and portfolio income of the permanent university fund must​
2.19 be credited to its three accounts in proportion to the market value of each account.​
2.20 (f) The endowment support from the income and capital gains of the endowed mineral​
2.21 research and endowed scholarship accounts of the fund must not total more than six percent​
2.22 per year of the 36-month trailing average market value of the account from which the support​
2.23 is derived.​
2​Section 1.​
S2548-1 1st Engrossment​SF2548 REVISOR JFK​