This bill appropriates a total of $552,348,000 from the bond proceeds fund to the Board of Trustees of the Minnesota State Colleges and Universities for various higher education projects. The funding is allocated for specific purposes, including $200,000,000 for the Higher Education Asset Preservation and Replacement (HEAPR) program, and additional amounts designated for renovations and constructions at various institutions such as Saint Paul College, Minnesota State University, Mankato, and Winona State University, among others. Each subdivision outlines the specific financial allocations and intended uses for the funds at each institution.

Additionally, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the appropriated amount to provide the necessary funding. It includes provisions for debt service payments, stipulating that the Board of Trustees is responsible for one-third of the principal amount of state bonds sold, with specific exceptions for HEAPR-related bonds. The bill also mandates reporting requirements for unspent appropriations, ensuring that any remaining funds from completed projects are redirected to HEAPR. The effective date for the provisions in this bill is the day following final enactment.