The 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. Key allocations include $200,000,000 for the Higher Education Asset Preservation and Replacement (HEAPR) program, as well as specific funding for renovations and constructions at several institutions, such as $34,857,000 for Saint Paul College, $87,922,000 for Minnesota State University, Mankato, and $75,620,000 for Winona State University, among others. Each subdivision outlines the specific projects and their respective funding amounts, which aim to enhance educational facilities and student services across the state.

Additionally, the bill includes provisions for the management of debt service related to the bonds issued for these projects. The Board of Trustees is responsible for paying one-third of the principal amount of state bonds sold, with specific exemptions for HEAPR-related bonds. The bill also stipulates that any unspent appropriations from completed projects must be redirected to HEAPR, ensuring that funds are utilized effectively. The commissioner of management and budget is tasked with selling and issuing the bonds necessary to fund these appropriations, with the effective date of the bill set for the day following its final enactment.