State Sen. Carrie Ruud, R-Breezy Point, was appointed to serve on the Permanent School Fund Commission, formerly known as the Permanent School Fund Advisory Committee.
When Minnesota became a state in 1858, the federal government granted sections 16 and 36 of every township, or their equivalent, to the state for the use of schools. The Minnesota Constitution established the Permanent School Fund (PSF) to ensure a long-term source of funds for public education in the state.
The PSF consists of the accumulated revenues generated from the land. The Department of Natural Resources (DNR) is responsible for managing the school trust land, which currently totals about 2.5 million acres, plus an additional 1 million acres of severed mineral rights.
Last year the Minnesota Legislature replaced the Permanent School Fund Advisory Committee (PSFAC) with the Permanent School Fund Commission. The job of the commission is to advise DNR on management of school trust lands and to work closely with the newly-created school trust lands director.
“On average the Permanent School Fund provides K-12 schools with about $25 million in payments from investment interest and dividends per year. It’s an honor and a great responsibility to be a member of the Permanent School Fund Commission,” said Ruud.