Minnesota Statutes Transportation (Ch. 160-174A) § 165.15. Stillwater lift bridge endowment account

Subdivision 1. Account established. The Stillwater lift bridge endowment account is established in the state treasury. The account may consist of appropriations made by the state of Minnesota or Wisconsin and may include federal funds. The account may also receive private contributions, gifts, or grants undersection 16A.013. Any interest or profit accruing from investment of these sums is credited to the account.

Subd. 3. Appropriation. Income derived from the investment of principal in the account is appropriated annually to the commissioner of transportation for the purposes described in this section.

Subd. 4. Financial compliance. The commissioner of transportation shall ensure that the account complies with the regulations in OMB circulars A87, Cost Principles for State, Local and Indian Tribal Governments, and A122, Cost Principles for Non-Profit Organizations, of the United States Office of Management and Budget (OMB).

Subd. 5. Investment. The State Board of Investment, in consultation with the commissioner of transportation, shall invest money in the account undersection 11A.24.

Subd. 6. Demolition. If the commissioner determines, in consultation with the State Historic Preservation Office, that it is necessary to demolish the Stillwater lift bridge, the principal in the account may be spent to pay for demolition of the bridge, and is appropriated to the commissioner of transportation only for that purpose, except that only funds originally contributed by the state or federal government can be used to pay for demolition. Any money remaining in the account after demolition must be used to pay for the preservation of other historic bridges in consultation with the State Historic Preservation Office.

Subd. 7. Audits. The account is subject to audit by the legislative auditor.

Subd. 8. Repealed byLaws 2017, 1st Sp., c. 3, art. 3, § 144, par. (c), eff. July 1, 2017.