HF 1630

1st Engrossment - 93rd Legislature (2023 - 2024) Posted on 03/25/2024 03:38pm

A bill for an act
relating to capital investment; requiring full funding for capital projects at public
postsecondary institutions; proposing coding for new law in Minnesota Statutes,
chapter 16A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [16A.865] HIGHER EDUCATION CAPITAL PROJECTS; FULL
FUNDING REQUIRED.
new text end

new text begin It is the policy of the legislature that:
new text end

new text begin (1) an appropriation from the bond proceeds fund to either the Board of Regents of the
University of Minnesota or the Board of Trustees of the Minnesota State Colleges and
Universities for a capital project shall fund the full cost of the project benefiting an institution
within those public postsecondary systems; and
new text end

new text begin (2) neither the Board of Regents of the University of Minnesota nor the Board of Trustees
of the Minnesota State Colleges and Universities shall be obligated to pay debt service on
the principal amount of state bonds sold to finance projects benefiting institutions within
those public postsecondary systems or cover the cost of a portion of a capital project from
public postsecondary system sources.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment and
applies to appropriations of bond proceeds on or after that date.
new text end