S.F. No. 4001 Summary

• Appropriates $1,200,000 from bond proceeds fund to the Board of Trustees of Minnesota State Colleges and Universities for reconstructing the driver training track at Dakota County Technical College

• Board shall pay debt service on one-third of the principal amount of state bonds sold, with the commissioner of management and budget reducing this assessment by one-third of net investment income from bond proceeds

• Upon project completion, any remaining appropriation funds must be used for higher education asset preservation and replacement (HEAPR) at the same campus, with reporting required by February 1 of each even-numbered year

• Commissioner of management and budget may reduce the board's general fund allotments and apply them to cover missed debt service payments due by December 1 of each year

• Authorizes the commissioner to sell and issue state bonds up to $1,200,000 under Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, effective the day following final enactment