MN HF4509

Appropriates $825,000 from bond proceeds to the Board of Trustees of the 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 to finance the project, with annual assessments notified by the commissioner of management and budget.

Commissioner of management and budget shall reduce the board's annual assessment by one-third of net income from investment of general obligation bond proceeds.

Any unspent appropriation money after project completion must be used for higher education asset preservation and replacement (HEAPR) at the same campus, with debt service requirements reduced accordingly.

Commissioner of management and budget shall sell and issue up to $825,000 in state bonds in accordance with Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, effective the day following final enactment.