MN SF3855

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

Board of Trustees shall pay debt service on one-third of the principal amount of state bonds sold for this project, with annual assessments reduced by one-third of net investment income from bond proceeds.

Requires board to pay its net assessment to the commissioner of management and budget by December 1 each year, with general fund allotments reduced if payments are missed.

Upon project completion, any unspent appropriation must be used for HEAPR (Higher Education Asset Preservation and Renewal) on the Anoka-Ramsey campus, with debt service requirement reduced accordingly.

Authorizes the commissioner of management and budget to sell and issue up to $569,000 in state bonds according to Minnesota Statutes and the Minnesota Constitution.