SF357

Purpose

• Provide funding for a new Minnesota BioImaging Center at the Hormel Institute, which is a collaboration involving the University of Minnesota and Mayo Clinic, to advance biomedical and cancer research.

Main Provisions

• Subdivision 1 — Appropriation: Allocates 18,120,000 from the bond proceeds fund to the Commissioner of Employment and Economic Development to grant to the Austin Port Authority for the construction, renovation, and equipment of the new Minnesota BioImaging Center at the Hormel Institute.
• Subdivision 2 — Bond Sale: Allows the Commissioner of Management and Budget to sell and issue state bonds totaling up to 18,120,000 to finance the appropriation, under the terms and effects described by Minnesota law (statutes 16A.631 to 16A.675) and the Minnesota Constitution (Article XI, sections 4 to 7).

Significant Changes to Existing Law

• Establishes a new capital investment appropriation funded by state bonds specifically for the Minnesota BioImaging Center project.
• Creates a mechanism to provide a grant from bond proceeds to the Austin Port Authority for project-related construction, renovation, and equipment.
• Authorizes the bond sale process under existing bonding statutes and constitutional provisions to support this project.

Relevant terms - Minnesota BioImaging Center - Hormel Institute - University of Minnesota - Mayo Clinic - biomedical research - cancer research - Austin Port Authority - bond proceeds fund - appropriation - grant - bond sale - Commissioner of Employment and Economic Development - Commissioner of Management and Budget - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7

Relevant Terms