MN HF3538

Appropriates $541,419,000 from bond proceeds to the Board of Trustees of Minnesota State Colleges and Universities for higher education capital projects.

Allocates $200,000,000 for Higher Education Asset Preservation and Replacement (HEAPR) programs and distributes remaining funds to 16 specific institutions for renovations, constructions, and demolitions of campus facilities.

Requires the Board of Trustees to pay debt service on one-third of the principal amount of state bonds sold, with exceptions for HEAPR-financed projects and where nonstate matches are required.

Directs unspent appropriation balances upon project completion to be redirected to HEAPR and requires biennial reporting to legislative committees on allocation of remaining funds.

Authorizes the Commissioner of Management and Budget to sell and issue state bonds up to $541,419,000 according to Minnesota Statutes and the Minnesota Constitution.