This bill authorizes the Board of Regents to plan, construct, and equip a new athletic facility at the University of South Dakota, with an estimated cost of $40 million. The facility will include various athletic amenities such as an indoor track, practice areas, locker rooms, and seating for 2,000 spectators. The bill also appropriates $40 million in other fund expenditure authority for this purpose and allows for adjustments to the cost estimate to account for inflation and compliance with new regulations, with a cap on adjustments not exceeding 125% of the original estimate.

Additionally, the bill permits the Board of Regents to accept and utilize funds from federal sources, donations, or other means for the project, establishing a special fund for these resources. It stipulates that no debt incurred under this Act will become a liability for the state, and outlines the administrative responsibilities for overseeing the project. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.