University of Minnesota; Higher Education Asset Preservation and Replacement funding provided, bonds issued, and money appropriated.

This bill authorizes the University of Minnesota to receive $100 million in state funding for preserving and replacing higher education assets. The money will come from newly issued state bonds, which the commissioner of management and budget will sell to raise the necessary funds. The university must spend the money according to existing state laws governing capital investments. This legislation takes effect immediately after it is passed.