Minnesota SF2321 requires local governments to establish replacement accounts for capital projects funded by state money.

Minnesota SF2321 mandates that local governments establish capital project replacement accounts for major rehabilitation, expansion, replacement, or preservation of capital projects funded by state money. These funds must remain in the account until the project's useful life, as determined by the grant agreement. The commissioner determines the annual minimum deposit amounts, considering factors like depreciation, construction cost inflation, and others. Grantees must adopt a replacement policy specifying the fund's risks, intended use, and criteria for other capital improvement needs.

Minnesota SF2321 requires local governments to establish replacement accounts for capital projects funded by state money.

Minnesota SF2321 mandates that local governments establish capital project replacement accounts for major rehabilitation, expansion, replacement, or preservation of capital projects funded by state money. These funds must remain in the account until the project's useful life, as determined by the grant agreement. The commissioner determines the annual minimum deposit amounts, considering factors like depreciation, construction cost inflation, and others. Grantees must adopt a replacement policy specifying the fund's risks, intended use, and criteria for other capital improvement needs.