Minnesota § 298.2216 - GIANTS RIDGE ACCOUNT
Full text of Minnesota Minnesota Statutes § 298.2216 — GIANTS RIDGE ACCOUNT, with citation guidance and answers to common questions.
§ 298.2216. GIANTS RIDGE ACCOUNT
Subdivision 1.Account established.
The Giants Ridge account is established in the state treasury. The account consists of appropriations made by the state or funds dedicated by the Department of Iron Range Resources and Rehabilitation. The account may also receive private contributions, gifts, or grants under section 16A.013. Any interest or profit accruing from investment of these sums is credited to the account.
Subd. 2.Definitions.
(a) For the purposes of this section the following terms have the meanings given.
(b) "Commissioner" means the commissioner of Iron Range resources and rehabilitation.
(c) "Income" means the amount of interest or profit accruing from the investment of account funds.
(d) "Long-term maintenance" means activities that would constitute substantial repairs or rehabilitation.
(e) "Routine maintenance" means activities that are predictable and repetitive.
Subd. 3.Use of funds.
(a) Income derived from the investment of principal in the account may be used by the commissioner for capital expenditures, facility operations, or routine or long-term maintenance of the commercial, state-owned assets within the Giants Ridge Recreation Area. No money from this account may be used for any purposes except those described in this section and no money from this account may be transferred to any other account in the state treasury without specific legislative authorization.
(b) Investment management fees incurred by the State Board of Investment are eligible expenses for reimbursement from the account.
(c) The commissioner has authority to approve or deny expenditures of funds in the account.
Subd. 4.Appropriation.
Income in the account derived from the investment of principal is appropriated upon request by the commissioner to the agency for the purposes described in this section. The commissioner may also request appropriations from the principal for capital expenditures when the commissioner determines such expenditures are in the best interest of the agency.
Subd. 5.Investment.
Funds in the account shall be invested pursuant to law by the State Board of Investment.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 298.2216
What does Minnesota Statutes § 298.2216 cover?
Section 298.2216 ("GIANTS RIDGE ACCOUNT") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 298.2216?
A common citation format is "Minnesota Statutes § 298.2216" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 298.2216 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.