Sections 1, 2, and 3 make conforming changes. “Governmental entity” is changed to “government entity” to be consistent with the defined term used throughout the chapter.
Section 4 allows the Metropolitan Council to exercise additional investment authority if the Council first develops written investment policies and procedures and establishes an oversight process to review the Council’s investment strategy. If the requirements are met, the Council may enter into: a repurchase agreement; a reverse repurchase agreement; or futures contracts, options on futures contracts, and option agreements to buy and sell securities authorized under law.
Section 5 amends a cross reference to reflect the change in authority made in section 4.
Section 6 provides that the bill applies to the counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington.
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