A bill for an act
relating to capital investment; authorizing spending to acquire and better public
land and buildings and for other improvements of a capital nature with certain
conditions; establishing new programs and modifying existing programs; modifying
prior appropriations; authorizing the sale and issuance of state bonds; appropriating
money; amending Minnesota Statutes 2022, sections 16A.642, subdivision 1;
446A.07, subdivision 8; 446A.072, subdivision 5a; 446A.073, subdivision 1;
462A.37, by adding a subdivision; Minnesota Statutes 2023 Supplement, sections
256E.37, subdivision 1; 446A.081, subdivision 9; 462A.37, subdivision 5; Laws
2020, Fifth Special Session chapter 3, article 1, sections 14, subdivisions 5, 6; 25;
Laws 2023, chapter 72, article 1, section 27; proposing coding for new law in
Minnesota Statutes, chapters 16B; 115B; 174; 446A; repealing Minnesota Statutes
2022, section 16A.662.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1. new text begin CAPITAL IMPROVEMENT APPROPRIATIONS.
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(a) The sums shown in the column under "Appropriations" are appropriated from the
bond proceeds fund, or another named fund, to the state agencies or officials indicated, to
be spent for public purposes. Appropriations of bond proceeds must be spent as authorized
by the Minnesota Constitution, article XI, section 5, clause (a), to acquire and better public
land and buildings and other public improvements of a capital nature, or as authorized by
the Minnesota Constitution, article XI, section 5, clauses (b) to (j), or article XIV. Unless
otherwise specified, money appropriated in this act:
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(1) may be used to pay state agency staff costs that are attributed directly to the capital
program or project in accordance with accounting policies adopted by the commissioner of
management and budget;
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(2) is available until the project is completed or abandoned subject to Minnesota Statutes,
section 16A.642;
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(3) for activities under Minnesota Statutes, sections 16B.307, 84.946, and 135A.046,
should not be used for projects that can be financed within a reasonable time frame under
Minnesota Statutes, section 16B.322 or 16C.144; and
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(4) is available for a grant to a political subdivision after the commissioner of management
and budget determines that an amount sufficient to complete the project as described in this
act has been committed to the project, as required by Minnesota Statutes, section 16A.502.
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(b) Unless otherwise specified, appropriations in this article from the general fund or
from the trunk highway fund are made in fiscal year 2025 and are onetime appropriations.
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APPROPRIATIONS new text end |
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Sec. 2. new text begin UNIVERSITY OF MINNESOTA
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new text begin Subdivision 1. new text end
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Total Appropriation
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$ new text end |
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102,994,000 new text end |
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To the Board of Regents of the University of
Minnesota for the purposes specified in this
section.
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new text begin Subd. 2. new text end
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Higher Education Asset Preservation
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102,994,000 new text end |
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To be spent in accordance with Minnesota
Statutes, section 135A.046.
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Sec. 3. new text begin MINNESOTA STATE COLLEGES AND
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new text begin Subdivision 1. new text end
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Total Appropriation
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$ new text end |
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113,606,000 new text end |
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To the Board of Trustees of the Minnesota
State Colleges and Universities for the
purposes specified in this section.
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new text begin Subd. 2. new text end
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Higher Education Asset Preservation
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81,772,000 new text end |
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To be spent in accordance with Minnesota
Statutes, section 135A.046.
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new text begin Subd. 3. new text end
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Saint Paul College - Academic
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31,834,000 new text end |
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To design, renovate, and equip the East Tower,
West Tower, and first floor, and to demolish
the College Learning Center building for the
creation of green space, at St. Paul College.
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new text begin Subd. 4. new text end
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Debt Service
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(a) Except as provided in paragraph (b), the
Board of Trustees shall pay the debt service
on one-third of the principal amount of state
bonds sold to finance the project authorized
by this section. After each sale of general
obligation bonds, the commissioner of
management and budget shall notify the board
of the amounts assessed for each year for the
life of the bonds.
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(b) The board need not pay debt service on
bonds sold to finance HEAPR. Where a
nonstate match is required, the debt service is
due on a principal amount equal to one-third
of the total project cost, less the match
committed before the bonds are sold.
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(c) The commissioner of management and
budget shall reduce the board's assessment
each year by one-third of the net income from
investment of general obligation bond
proceeds in proportion to the amount of
principal and interest otherwise required to be
paid by the board. The board shall pay its
resulting net assessment to the commissioner
of management and budget by December 1