Housing and redevelopment agencies can use long-term equity investment authority and invest in specific securities.

The bill modifies the investment authority for housing and redevelopment agencies in Minnesota. It allows these agencies to use long-term equity investment authority and invest in index mutual funds or shares of companies meeting certain criteria. The bill also requires these agencies to adopt a resolution or investment policy acknowledging the risk of loss and understanding the specific investments. The changes are effective the day following final enactment.

Housing and redevelopment agencies can use long-term equity investment authority and invest in specific securities.

The bill modifies the investment authority for housing and redevelopment agencies in Minnesota. It allows these agencies to use long-term equity investment authority and invest in index mutual funds or shares of companies meeting certain criteria. The bill also requires these agencies to adopt a resolution or investment policy acknowledging the risk of loss and understanding the specific investments. The changes are effective the day following final enactment.