This bill amends Minnesota Statutes 2024, section 118A.09, to expand the investment authority of qualifying local governments, specifically housing and redevelopment agencies. It allows these agencies to invest in shares of companies that are registered with the U.S. Securities and Exchange Commission and focus on investment-grade fixed income securities, provided that at least 80% of their investments are in federally insured or guaranteed securities. Additionally, these companies must have a mission that includes direct investment in local multifamily housing development. The bill also introduces a new subdivision that permits housing and redevelopment authorities to invest their funds in accordance with these criteria, subject to existing limitations and requirements.

Furthermore, the bill modifies the approval process for investments by requiring the governing body of the qualifying government to adopt a resolution or investment policy that acknowledges the risks associated with such investments. The governing body must also certify that all funds designated for investment comply with the established requirements. The effective date for these changes is set for the day following final enactment.

Statutes affected:
Introduction: 118A.09