This bill amends Minnesota Statutes 2024, specifically section 137.022, to modify the allocation of mining royalty income within the permanent university fund. The amendments include changes to the endowed chair account and the mineral research and scholarship allocations. Notably, the bill introduces a new provision that specifies that all money in the fund not otherwise allocated will be placed in the endowed chair account, which is designated for providing endowment support for professorial chairs in academic disciplines. Additionally, the bill stipulates that the endowment support from income and capital gains must not exceed six percent per year of the 36-month trailing average market value of the endowed chair account.

Furthermore, the bill revises the allocation of income from mining royalties, changing the distribution percentages and amounts for various programs. It specifies that one-fourth of the income must be allocated for mineral-related research at the Natural Resources Research Institute-Duluth and Coleraine facilities, while another one-fourth is designated for costs associated with STEM degree programs offered through the University of Minnesota. The bill also establishes a new scholarship account for undergraduates enrolled at the University of Minnesota, with the annual distribution from this account allocated based on the number of undergraduate resident students at each campus. Overall, these changes aim to enhance funding for academic programs and research related to mining and minerals in Minnesota.

Statutes affected:
Introduction: 137.022