HF1245 (Legislative Session 94 (2025-2026))
University of Minnesota; Higher Education Asset Preservation and Replacement funding provided, bonds issued, and money appropriated.
Related bill: SF1463
AI Generated Summary
Purpose
- Provide funding for maintaining and replacing University of Minnesota facilities through the Higher Education Asset Preservation and Replacement (HEAPR) program. The bill also authorizes the state to sell bonds to raise the money needed.
Main Provisions
- Appropriation
- The state would allocate 200,000,000 dollars from the bond proceeds fund to the University of Minnesota’s Board of Regents for HEAPR activities, to be used under Minnesota statute 135A.046.
- Bond Sale
- The Commissioner of Management and Budget would issue up to 200,000,000 dollars in state bonds with terms governed by Minnesota statutes 16A.631 to 16A.675 and the Minnesota Constitution, Article XI, sections 4 through 7.
- The bond proceeds fund is the source for this money.
Implementation and Oversight
- The University of Minnesota, through its Board of Regents, would receive and spend the funds for HEAPR in accordance with the referenced statute.
- The bond issuance would follow the same legal framework used for other state bonds (statutes and constitutional provisions listed above).
Relationship to Existing Law
- HEAPR is an existing program used to preserve and replace higher education facilities. This bill increases funding for that program at the University of Minnesota and formalizes the process to borrow the funds via state bonds.
Fiscal Impact and Policy Effect
- Public debt would increase by up to 200,000,000 dollars to support facility preservation and replacement at the University of Minnesota.
- The funds would be spent as specified under statute 135A.046, and debt would be issued under the standard bond authorities and constitutional limits.
Significance
- Aims to improve the condition and longevity of university facilities by providing a substantial, dedicated funding source for asset preservation and replacement.
Relevant Terms - Higher Education Asset Preservation and Replacement (HEAPR) - University of Minnesota - Board of Regents - bond proceeds fund - appropriation - bonds / bond sale - Minnesota Statutes 135A.046 - Minnesota Statutes 16A.631 to 16A.675 - Minnesota Constitution Article XI, Sections 4–7
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 20, 2025 | House | Action | Introduction and first reading, referred to | Capital Investment | |
| March 06, 2025 | House | Action | Author added |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "References Minnesota Statutes section 135A.046 as the basis for expenditure of Higher Education Asset Preservation and Replacement funds.",
"modified": []
},
"citation": "135A.046",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "References Minnesota Statutes sections 16A.631 to 16A.675 governing the sale and issuance of bonds.",
"modified": []
},
"citation": "16A.631 to 16A.675",
"subdivision": ""
}
]Progress through the legislative process
In Committee