House Journal: Page 988: Wednesday, March 31, 1999

H-1289

 1     Amend House File 745 as follows:
 2     1.  Page 16, by inserting after line 24 the
 3   following:
 4     "Sec. 100.  Section 12.34, Code 1999, is amended to
 5   read as follows:
 6     12.34  LINKED INVESTMENTS - LIMITATIONS - RULES
 7   - MATURITY AND RENEWAL OF CERTIFICATES.
 8     1.  The treasurer of state may invest up to the
 9   lesser of sixty-eight one hundred fifty million
10   dollars or ten percent of the balance of the state
11   pooled money fund in certificates of deposit in
12   eligible lending institutions pursuant to as provided
13   in this division. The moneys invested pursuant to
14   this section shall be used as follows:
15     a.  The treasurer of state may invest the first
16   sixty-eight million dollars to support programs
17   provided in this division other than the emergency
18   assistance linked deposit program for swine or cattle
19   producers provided in section 12.43A.
20     b.  The treasurer of state shall invest the
21   remaining amount to support the emergency assistance
22   linked deposit program for swine or cattle producers
23   as provided in section 12.43A.  The treasurer of state
24   shall not make the investment unless a market
25   emergency exists.  If a market emergency exists, the
26   treasurer of state shall make the investment
27   immediately.  For purposes of this paragraph, a market
28   emergency exists as follows:
29 (1)  For swine, a market emergency exists when the
30   market price paid in this state and southern Minnesota
31   for swine per hundredweight on a live basis is less
32   than thirty dollars for thirty consecutive days,
33   according to market news reports published by the
34   agricultural marketing service of the United States
35   department of agriculture.
36 (2)  For cattle, a market emergency exists when the
37   market price paid in the midwest and high plains
38   states for cattle per hundredweight on a live basis is
39   less than fifty-six dollars for thirty consecutive
40   days, according to market news reports published by
41   the agricultural marketing service of the United
42   States department of agriculture.
43     2.  The treasurer of state shall adopt rules
44   pursuant to chapter 17A to administer this division.
45   The treasurer of state shall consult with the
46   department of agriculture and land stewardship in
47   adopting rules for the administration of the emergency
48   assistance linked deposit program for swine or cattle
49   producers.
50     3.  Certificates of deposit placed by the treasurer

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