HF 2941

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to capital improvements; appropriating money for asset preservation at
the University of Minnesota and the Minnesota State Colleges and Universities;
authorizing the sale and issuance of state bonds.

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

Section 1. new text begin APPROPRIATION; BOARD OF REGENTS.
new text end

new text begin $40,000,000 is appropriated from the bond proceeds fund to the Board of Regents of
the University of Minnesota for higher education asset preservation and replacement to be
spent in accordance with Minnesota Statutes, section 135A.046.
new text end

Sec. 2. new text begin APPROPRIATION; BOARD OF TRUSTEES.
new text end

new text begin $60,000,000 is appropriated from the bond proceeds fund to the Board of Trustees of
the Minnesota State Colleges and Universities for higher education asset preservation and
replacement to be spent in accordance with Minnesota Statutes, section 135A.046.
new text end

Sec. 3. new text begin BOND SALE.
new text end

new text begin To provide the money appropriated in sections 1 and 2 from the bond proceeds
fund, the commissioner of finance shall sell and issue bonds of the state in an amount
up to $100,000,000 in the manner, upon the terms, and with the effect prescribed by
Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 3 are effective the day following final enactment.
new text end