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 definitions and allocations related to endowed chair accounts and mineral research scholarships. Notably, the bill introduces new provisions that specify the allocation of income from mining royalties, including a new structure for distributing funds to the Natural Resources Research Institute and for scholarships related to mining, mineral, and STEM degree programs.

Key changes include the reallocation of funds, where one-fourth of the income will now be directed to the Natural Resources Research Institute for general operating and research costs, and another one-fourth will support scholarships for students pursuing mining, mineral, or STEM degrees. The bill also establishes a cap on the amount of scholarship support that can be awarded, ensuring it does not exceed 75 percent of current resident tuition rates per academic year for a maximum of four years. Additionally, the bill mandates biennial reporting by the Board of Regents to the legislature on the disbursement of funds from the endowed scholarship account and the use of the mineral research account.

Statutes affected:
Introduction: 137.022