MN HF4316

$569,000 appropriated from bond proceeds fund to the Board of Trustees of Minnesota State Colleges and Universities to design renovation of the business and nursing building at Anoka-Ramsey Community College's Coon Rapids campus.

Board of Trustees shall pay debt service on one-third of the principal amount of state bonds sold for the project, with the Commissioner of Management and Budget reducing the board's annual assessment by one-third of net income from bond proceeds investment.

If the board fails to make debt service payments by December 1 each year, the commissioner shall reduce general fund appropriations to the board to cover the missed payment.

Unspent appropriation funds remaining after project completion must be used for Higher Education Asset Preservation and Renewal (HEAPR) on the Anoka-Ramsey campus, with debt service requirements reduced accordingly.

Commissioner of Management and Budget authorized to sell and issue state bonds up to $569,000 according to Minnesota Statutes sections 16A.631 to 16A.675 and Minnesota Constitution article XI, sections 4 to 7.