MN SF4199

$825,000 appropriated from bond proceeds fund to the Board of Trustees of the Minnesota State Colleges and Universities for reconstructing the driver training track at Dakota County Technical College.

Board of Trustees shall pay debt service on one-third of the principal amount of state bonds sold to finance the project, with annual amounts assessed by the commissioner of management and budget.

Board's annual debt service assessment reduced by one-third of net income from investment of general obligation bond proceeds, with payments due to the commissioner by December 1 each year.

Any unspent appropriation funds upon project completion must be used for higher education asset preservation and replacement (HEAPR) at the same campus, with the board reporting biannually to legislative committees on allocation of remaining money.

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