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r; y -8- e i i • where the excessive loss is- allegedly occurring- and order the landowner, to commence remedial action-'within 90 days of the order if excessive loss is occurring. The landowner has one year. to satisfactorily complete any necessary improvements. Any person engaged in a development activity that will disturb over one- acre of land must submit to the governing body a sedimentation control plan that will prevent excessive soil loss before the development activity begins. State cost sharing funds are available to landowners establishing soil conservation practices in an amount of at least 75 percent of the cost (50 percent if the work is not a result of an order) . Effective Aug. 1 , 1984 and only upon adoption of local ordinances. FINANCE Legal investments expanded Chapter 382 authorizes obligations of the African Development Bank as legal investments for savings banks, insurance companies, the state, and political subdivisions (including cities) . Effective Aug. 1, 1984. 'f Investment and bonding law changes Chapter 563 (S.F. 2165) grants counties containing a city of the first class, statutory or home rule charter cities of the first or second class, and metropolitan commissions as defined in M.S. 473. 121 the authority to sell future contracts, but only with respect to securities it owns, including • securities which are the subject of reverse repurchase agreements which expire at or before the due date of the futures contract. The intent of this change is to allow some investors to offset interest-rate-caused price fluctuations in their investments. The act also eliminates the nine percent cap on interest on municipal obligations which would have become effective in January 1986; grants state authority to deliver bonds in certificated or uncertificated form; classifies all information contained in any register of information on bond ownership as nonpublic or private; grants more flexibility in the bond sale notice requirement; permits issuers, after they have contracted for the sale of obligations, to enter into a futures contract for the investment of the proceeds of the obligations; and eliminates the time restrictions on borrowing against securities the city holds (currently 30 days for single transactions) . Effective Aug. 1 , 1984. GAMBLING a li The 1984 Legislature was very active in the area of gambling. It did not pass a proposal to place a constitutional amendment authorizing lotteries on this fall's election ballots, but .-did enact laws affecting horse racing, bingo, other gambling activities, and video games of chance, generally as part of larger bills. In this year's Omnibus Tax Bill (Chapter 502) , Article 12 contains extensive and significant changes dealing with charitable gambling including creation of a state-wide charitable gambling control board to regulate bingo, paddlewheels, tipboards, raffles, and pull-tabs. In short, the board will • regulate all legalized forms of gambling. Cities and counties have authority to adopt more stringent regulations of any form of lawful gambling -within its jurisdiction, including the prohibition of any form of .lawful gambling. They may require a permit to conduct gambling which is otherwise exempt from state r? G ? k,