MN SF4154

Modifies allocation of permanent university fund income from state mineral lease royalties, with 50 percent allocated beginning January 1, 2013 according to specified provisions.

Allocates up to $50,000,000 to the mineral research account for the Natural Resources Research Institute-Duluth and Coleraine facilities for mineral and mineral-related research.

Allocates up to $25,000,000 to an endowment for operating mining, mineral-related, or STEM degree programs through the Swenson College of Science and Engineering at the University of Minnesota at Duluth, with maximum scholarships of $6,500 or 75 percent of current in-state tuition rates per academic year for up to four years.

Directs remainder of income above the $50,000,000 and $25,000,000 thresholds to the endowed scholarship account for distribution to University of Minnesota undergraduate resident students based on scholastic achievement, allocated proportionally by campus enrollment.

Requires the Board of Regents to report biennially to education committees on endowed scholarship account disbursements and to environment and natural resources committees on mineral research account use.