SF 3670 Summary

• Appropriates $224,509,000 from bond proceeds to the Minnesota State Colleges and Universities Board of Trustees for capital improvements and repairs.

• Allocates $180,000,000 for Higher Education Asset Preservation and Replacement (HEAPR) projects under Minnesota Statutes section 135A.046.

• Funds specific campus projects including demolition and renovation of buildings at Bemidji State University ($22,512,000), Rochester Community and Technical College ($22,853,000), and various community colleges for classroom, lab, and facility improvements.

• Requires the Board of Trustees to pay debt service on one-third of bond principal, with reductions based on investment income; provides exceptions for HEAPR-funded projects with nonstate matching funds.

• Authorizes the Commissioner of Management and Budget to sell and issue state bonds up to $224,509,000 to fund the appropriation, with effectiveness the day following final enactment.