1.1 	A bill for an act
1.2 	relating to capital investment; appropriating money for a driver training facility at 
1.3 	Dakota County Technical College; authorizing the sale and issuance of state bonds.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. DRIVER TRAINING TRACK; DAKOTA COUNTY TECHNICAL 
1.6 	COLLEGE.
 1.7 		Subdivision 1.Appropriation. $825,000 is appropriated from the bond proceeds fund 
1.8 	to the Board of Trustees of the Minnesota State Colleges and Universities for reconstructing 
1.9 	the driver training track at the Dakota County Technical College.
1.10 		Subd. 2.Debt service. (a) Except as provided in paragraph (b), the board shall pay the 
1.11 	debt service on one-third of the principal amount of state bonds sold to finance projects 
1.12 	authorized by this section. After each sale of general obligation bonds, the commissioner 
1.13 	of management and budget shall notify the board of the amounts assessed for each year for 
1.14 	the life of the bonds.
1.15 	(b) The board need not pay debt service on bonds sold to finance higher education asset 
1.16 	preservation and replacement (HEAPR). Where a nonstate match is required, the debt service 
1.17 	is due on a principal amount equal to one-third of the total project cost, less the match 
1.18 	committed before the bonds are sold.
1.19 	(c) The commissioner of management and budget shall reduce the board's assessment 
1.20 	each year by one-third of the net income from investment of general obligation bond proceeds 
1.21 	in proportion to the amount of principal and interest otherwise required to be paid by the 
1.22 	board. The board shall pay its resulting net assessment to the commissioner of management 
2.1 	and budget by December 1 of each year. If the board fails to make a payment when due, 
2.2 	the commissioner of management and budget shall reduce allotments for appropriations 
2.3 	from the general fund otherwise available to the board and apply the amount of the reduction 
2.4 	to cover the missed debt service payment. The commissioner of management and budget 
2.5 	shall credit the payments received from the board to the bond debt service account in the 
2.6 	state bond fund each December 1 before money is transferred from the general fund under 
2.7 	Minnesota Statutes, section 16A.641, subdivision 10.
2.8 		Subd. 3.Unspent appropriations. (a) Upon substantial completion of a project 
2.9 	authorized in this section and after written notice to the commissioner of management and 
2.10 	budget, the board must use any money remaining in the appropriation for that project for 
2.11 	HEAPR under Minnesota Statutes, section 135A.046. The board must report by February 
2.12 	1 of each even-numbered year to the chairs and ranking minority members of the house of 
2.13 	representatives and senate committees with jurisdiction over capital investment and higher 
2.14 	education finance, and to the chairs and ranking minority members of the house of 
2.15 	representatives Ways and Means Committee and the senate Finance Committee on how the 
2.16 	remaining money has been allocated or spent.
2.17 	(b) The unspent portion of an appropriation for a project in this section that is complete 
2.18 	is available for HEAPR under this subdivision at the same campus as the project for which 
2.19 	the original appropriation was made, and the debt service requirement under subdivision 2 
2.20 	is reduced accordingly. Minnesota Statutes, section 16A.642, applies from the date of the 
2.21 	original appropriation to the unspent amount transferred.
2.22 		Subd. 4.Bond sale. To provide the money appropriated in this section from the bond 
2.23 	proceeds fund, the commissioner of management and budget shall sell and issue bonds of 
2.24 	the state in an amount up to $825,000 in the manner, upon the terms, and with the effect 
2.25 	prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota 
2.26 	Constitution, article XI, sections 4 to 7.

2.27 	EFFECTIVE DATE. This section is effective the day following final enactment.