AB403-ASA1,1,7
61. "Local governmental unit" has the meaning given in section 605.01 (1) of the
7statutes.
AB403-ASA1,1,8
82. "Property fund" means the local government property insurance fund.
AB403-ASA1,1,129
(b)
Within 4 months after the effective date of this paragraph .... [LRB inserts
10date], the commissioner of insurance shall declare a one-time dividend of
11$12,000,000 total to be divided among all local governmental units that had property
12insured by the property fund on September 1, 2009.
AB403-ASA1,2,3
1(c)
To determine the amount of the dividend to be paid to an individual local
2governmental unit, the commissioner of insurance shall perform the following
3calculations:
AB403-ASA1,2,7
41. Divide the amount of earned premium paid to the property fund by that local
5governmental unit in fiscal years 2004-05 to 2008-09 by the total amount of all
6earned premium paid to the property fund by local governmental units in fiscal years
72004-05 to 2008-09.
AB403-ASA1,2,8
82. Multiply the quotient determined in subdivision 1
. by $12,000,000.
AB403-ASA1,2,129
(d)
The commissioner of insurance shall pay the dividend to a local
10governmental unit by reducing the next premium payable by the local governmental
11unit to the property fund by the amount of the dividend determined for that local
12governmental unit under paragraph (c
) 2.
