.................... moves to amend H.F. No. 1221, as amended, as follows:
Delete everything after the enacting clause and insert:
"Section 1. [165.15] STILLWATER LIFT BRIDGE ENDOWMENT ACCOUNT.
1.4 Subdivision 1. Account established. (a) The Stillwater lift bridge endowment
1.5account is established in the state treasury. The account may consist of appropriations
1.6made by the state of Minnesota or Wisconsin and may include federal funds. The account
1.7may also receive private contributions, gifts, or grants under section 16A.013. Any interest
1.8or profit accruing from investment of these sums is credited to the account.
1.9 Subd. 2. Use of funds. (a) Income derived from the investment of principal in the
1.10account may be used by the commissioner of transportation for operations and routine
1.11maintenance of the Stillwater lift bridge. No money from this account may be used for
1.12any purposes except those described in this section, and no money from this account
1.13may be transferred to any other account in the state treasury without specific legislative
1.14authorization. Any money transferred from the trunk highway fund may only be used for
1.15trunk highway purposes. For the purposes of this section:
1.16(1) "Income" is the amount of interest on debt securities and dividends on equity
1.17securities. Any gains or losses from the sale of securities must be added to the principal
1.18of the account.
1.19(2) "Routine maintenance" means activities that are predictable and repetitive, but
1.20not activities that would constitute major repairs or rehabilitation.
1.21(b) Investment management fees incurred by the State Board of Investment are
1.22eligible expenses for reimbursement from the account.
1.23(c) The commissioner of transportation has authority to approve or deny expenditures
1.24of funds in the account.
2.1 Subd. 3. Appropriation. Income derived from the investment of principal in the
2.2account is appropriated annually to the commissioner of transportation for the purposes
2.3described in this section.
2.4 Subd. 4. Financial compliance. The commissioner of transportation shall ensure
2.5that the account complies with the regulations in OMB circulars A87, Cost Principles for
2.6State, Local and Indian Tribal Governments, and A122, Cost Principles for Non-Profit
2.7Organizations, of the United States Office of Management and Budget (OMB).
2.8 Subd. 5. Investment. The State Board of Investment, in consultation with the
2.9commissioner of transportation, shall invest money in the account under section 11A.24.
2.10 Subd. 6. Demolition. If the commissioner determines, in consultation with the
2.11State Historic Preservation Office, that it is necessary to demolish the Stillwater lift
2.12bridge, the principal in the account may be spent to pay for demolition of the bridge, and
2.13is appropriated to the commissioner of transportation only for that purpose, except that
2.14only funds originally contributed by the state or federal government can be used to pay
2.15for demolition. Any money remaining in the account after demolition must be used to
2.16pay for the preservation of other historic bridges in consultation with the State Historic
2.18 Subd. 7. Audits. The account is subject to audit by the legislative auditor.
2.19 Subd. 8. Reports required. The commissioner of transportation shall report
2.20annually to the chair and ranking minority member of each legislative committee with
2.21jurisdiction over transportation on the endowment account. At a minimum, the report must
2.22include detailed revenue and expenditure information.