MN Legislature

Accessibility menu

Bills use visual text formatting such as stricken text to denote deleted language, and underlined text to denote new language. For users of the jaws screenreader it is recommended to configure jaws to use the proofreading scheme which will alter the pitch of the reading voice when reading stricken and underlined text. Instructions for configuring your jaws reader are provided by following this link.
If you can not or do not wish to configure your screen reader, deleted language will begin with the phrase "deleted text begin" and be followed by the phrase "deleted text end", new language will begin with the phrase "new text begin" and be followed by "new text end". Skip to text of HF 2666.


Revisor of Statutes Menu

HF 2666

1st Engrossment - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language. underscored = added, new language.



Version List Authors and Status

Bill Text Versions


Introduction Posted on 03/01/2004
1st Engrossment Posted on 03/17/2004

Current Version - 1st Engrossment

  1.1                          A bill for an act
  1.2             relating to state government; authorizing a pilot 
  1.3             project under which the State Board of Investment may 
  1.4             make certain additional investments in Minnesota 
  1.5             financial institutions rated outstanding under the 
  1.6             Federal Community Reinvestment Act. 
  1.8      Section 1.  [INVESTMENT PILOT PROJECT.] 
  1.9      In addition to investments authorized by Minnesota 
  1.10  Statutes, section 11A.24, subdivision 4, paragraph (a), the 
  1.11  State Board of Investment may invest in repurchase agreements 
  1.12  issued by United States banks and savings institutions having a 
  1.13  home office or detached facility in Minnesota whose most recent 
  1.14  rating under the Federal Community Reinvestment Act is 
  1.15  "outstanding."  Notwithstanding Minnesota Statutes, section 
  1.16  11A.24, subdivision 4, paragraph (a), clause (5), for 
  1.17  investments under this section, the State Board of Investment 
  1.18  must require collateral.  The state board may not have total 
  1.19  outstanding investments, at any one time, of more than 
  1.20  $50,000,000 under authority of this section.  This limit does 
  1.21  not apply to investments that meet the criteria in Minnesota 
  1.22  Statutes, section 11A.24, subdivision 4, paragraph (a).  If the 
  1.23  state board invests in repurchase agreements under authority of 
  1.24  this section in an institution rated "outstanding," and the 
  1.25  institution later receives a different rating, the state board 
  1.26  may retain the investment for the term of the repurchase 
  2.1   agreement, but may not renew the repurchase agreement or invest 
  2.2   in new repurchase agreements from the institution under 
  2.3   authority of this section until the institution receives an 
  2.4   "outstanding" rating.  This section expires June 30, 2006. 
  2.5      [EFFECTIVE DATE.] This section is effective the day 
  2.6   following final enactment.

700 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155 ♦ Phone: (651) 296-2868 ♦ TTY: 1-800-627-3529 ♦ Fax: (651) 296-0569