The bill appropriates $200,000,000 from the bond proceeds fund to the Board of Regents of the University of Minnesota for Higher Education Asset Preservation and Replacement (HEAPR). This funding is intended to support the maintenance and improvement of the university's facilities and infrastructure, ensuring that they meet the needs of students and faculty. The appropriation is to be utilized in accordance with Minnesota Statutes, section 135A.046.
To facilitate this appropriation, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the amount of $200,000,000. The bond sale will be conducted in accordance with the relevant provisions of Minnesota Statutes and the Minnesota Constitution. The effective date of this section is set for the day following its final enactment.