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SF3966

Higher Education Asset Preservation and Replacement at the University of Minnesota bond issue and appropriation
Legislative Session 94 (2025-2026)

Related bill: HF3928

AI Generated Summary

Purpose

  • Authorizes funding for the University of Minnesota’s Higher Education Asset Preservation and Replacement (HEAPR) program. Specifically, it assigns an appropriation of $100,000,000 from the bond proceeds fund to the Board of Regents of the University of Minnesota for HEAPR, to be spent according to Minnesota Statutes section 135A.046.

Main Provisions

  • Subdivision 1 – Appropriation:

    • An appropriation of $100,000,000 from the bond proceeds fund is made to the University of Minnesota Board of Regents for HEAPR.
    • The funds are to be spent in accordance with Minnesota Statutes section 135A.046.

  • Subdivision 2 – Bond Sale:

    • The commissioner of management and budget is directed to sell and issue bonds of the state in an amount up to $100,000,000 to finance the appropriation.
    • Bond issuance must follow the terms and effects prescribed by Minnesota Statutes sections 16A.631 to 16A.675 and by the Minnesota Constitution, Article XI, sections 4 to 7.

Funding Source and Bond Issuance Details

  • Funding Source: Bond proceeds fund.
  • Amount: Up to $100,000,000.
  • Purpose: To fund HEAPR at the University of Minnesota.
  • Issuing Authority: State, via the commissioner of management and budget.
  • Compliance: In accordance with M.S. 16A.631 to 16A.675 and the Minnesota Constitution Article XI.

Spending Oversight and Compliance

  • Spending of the HEAPR funds is restricted to use specified for asset preservation and replacement under HEAPR, in line with 135A.046.
  • Administration: The University of Minnesota Board of Regents will oversee the HEAPR-funded projects.

Significant Changes to Existing Law

  • Introduces a new, specific appropriation of $100,000,000 for HEAPR at the University of Minnesota.
  • Enables a corresponding state bond sale to finance that appropriation, following established bond issuance statutes and constitutional requirements.
  • Clarifies the interaction between the appropriation, the bond sale, and the governance/oversight for HEAPR projects.

Relevant Terms - HEAPR (Higher Education Asset Preservation and Replacement) - University of Minnesota - Board of Regents - bond proceeds fund - appropriation - 135A.046 - commissioner of management and budget - bonds / bond sale - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7 - capital investment - asset preservation - replacement

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 26, 2026SenateActionIntroduction and first reading
February 26, 2026SenateActionReferred toCapital Investment

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill requires HEAPR expenditures to be made in accordance with Minnesota Statutes 135A.046.",
      "modified": []
    },
    "citation": "135A.046",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill authorizes the sale and issuance of state bonds up to $100,000,000 in the manner prescribed by Minnesota Statutes 16A.631 to 16A.675.",
      "modified": []
    },
    "citation": "16A.631 to 16A.675",
    "subdivision": ""
  }
]

Progress through the legislative process

17%
In Committee

Sponsors

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