Subdivision 1. Issuance of bonds. The board or a successor may issue revenue bonds under sections 136F.90 to 136F.97 whose aggregate principal amount at any time may not exceed $405,000,000, and payable from the revenue appropriated to the fund established by section 136F.94, and use the proceeds together with other public or private money that may otherwise become available to acquire land, and to acquire, construct, complete, remodel, and equip structures or portions thereof to be used for dormitory, residence hall, student union, food service, parking purposes, or for any other similar revenue-producing building or buildings of such type and character as the board finds desirable for the good and benefit of the state colleges and universities. Before issuing the bonds or any part of them, the board shall consult with and obtain the advisory recommendations of the chairs of the house of representatives Ways and Means Committee and the senate Finance Committee about the facilities to be financed by the bonds.
Subd. 2. Federal tax on interest. The bonds authorized by this section may be issued without regard to whether the interest to be paid on them is includable in gross income for federal tax purposes. However, if it is intended that the interest on the bonds be exempt from federal income taxes, an officer of the board shall certify for the board on the date of issue the facts, estimates, and circumstances that lead the officer reasonably to expect that the proceeds of the bonds and the facilities financed by them will not be used to cause the interest on the bonds to be subject to federal income taxes; the board may covenant and agree with the holders of the bonds that it will comply with the provisions of the United States Internal Revenue Code now or hereafter enacted that do or may apply to the bonds and that establish conditions under which the interest to be paid on the bonds will not be subject to federal income taxes; and the officers of the board shall take the actions or refrain from taking the actions necessary to comply with the covenants. Money required to be spent to comply may be appropriated by the board from the fund established by section 136F.94.
Subd. 3. Successor. For the purposes of this section, the board is the successor to the State University Board.
1957 c 576 s 1,2; 1957 c 604 s 1; 1959 c 413 s 1; 1963 c 479 s 1; 1965 c 317 s 1,2; 1965 c 332 s 1,2; 1967 c 140 s 2; 1971 c 963 s 6; 1975 c 321 s 2; 1988 c 703 art 1 s 14,15; 1993 c 4 s 19; 1994 c 532 art 6 s 9,10,12; 1995 c 212 art 4 s 58,64,65; 1996 c 305 art 1 s 130,131; 2000 c 492 art 1 s 56; 2006 c 258 s 35; 2008 c 179 s 43; 2009 c 93 art 1 s 28; 2010 c 215 art 2 s 13; 2012 c 270 s 8; 2014 c 149 s 70,71
Structure Minnesota Statutes
Chapters 135A - 137 — Postsecondary Education
Chapter 136F — Minnesota State Colleges And Universities
Section 136F.01 — Definitions.
Section 136F.02 — Board Of Trustees.
Section 136F.03 — Candidate Advisory Council.
Section 136F.04 — Student Board Member Selection.
Section 136F.045 — Labor Organization Board Member Selection Process.
Section 136F.06 — Powers And Duties.
Section 136F.10 — Designation.
Section 136F.12 — Fond Du Lac Campus.
Section 136F.14 — Campus Merger Or Reorganization.
Section 136F.16 — Campus Establishment.
Section 136F.18 — Campus Closing.
Section 136F.19 — Power Of You Program.
Section 136F.20 — Student Health.
Section 136F.202 — Student Success Basic Needs Barrier Reduction.
Section 136F.22 — Student Associations.
Section 136F.23 — Student Associations; Purchasing Authority.
Section 136F.24 — Legal Counseling And Service Program; Funding.
Section 136F.25 — Absence For Chemical Abuse Treatment.
Section 136F.28 — Southwest Asia Veterans; Technical Colleges.
Section 136F.30 — Courses And Programs.
Section 136F.301 — Maximum Credit For Graduation; Waiver Reporting.
Section 136F.302 — Regulating The Assignment Of Students To Remedial Courses.
Section 136F.303 — Degree And Certificate Completion; Report.
Section 136F.31 — Centers Of Excellence.
Section 136F.32 — Degrees; Diplomas; Certificates.
Section 136F.36 — Technical College Carpentry Program Construction Authority.
Section 136F.361 — Career And Technical Education Certification And Licensure.
Section 136F.37 — Job Placement Impact On Program Review; Information To Students.
Section 136F.38 — Workforce Development Scholarships.
Section 136F.40 — Appointment Of Personnel.
Section 136F.41 — Assignment To Bargaining Units.
Section 136F.42 — Personnel Management.
Section 136F.43 — Extended Leaves Of Absence.
Section 136F.44 — Administrative Interaction With Students.
Section 136F.46 — Nonprofit Foundation Payroll Deduction.
Section 136F.47 — Pension Plan.
Section 136F.48 — Employer-paid Health Insurance.
Section 136F.481 — Early Separation Incentive Program.
Section 136F.50 — Cooperation Or Promotion Of A State College Or University.
Section 136F.52 — Local Advisory Committees.
Section 136F.53 — Parking And Traffic Regulation.
Section 136F.54 — Student Housing Management.
Section 136F.58 — Bookstores; Course Material Acquisition.
Section 136F.581 — Purchases And Contracts.
Section 136F.59 — Technical Equipment.
Section 136F.595 — Statewide Electronic Infrastructure; Portfolio Solutions.
Section 136F.60 — College And University Sites; Acquisition.
Section 136F.61 — State Building Code.
Section 136F.64 — Construction, Improvement, And Repair Of Facilities.
Section 136F.65 — Acceptance Of Federal Money.
Section 136F.66 — Capital Projects Bidding Procedures.
Section 136F.67 — Financing Of Child Care; Parking.
Section 136F.68 — State Property Agreements.
Section 136F.70 — Tuition; Fees; Activities Funds.
Section 136F.701 — Refund Of Tuition.
Section 136F.705 — Undergraduate Tuition Guarantee Plan.
Section 136F.73 — Cash Over And Short Account Of Imprest Cash Fund.
Section 136F.74 — Carryover Authority.
Section 136F.76 — Litigation Awards.
Section 136F.77 — Equity Investments.
Section 136F.79 — Sole State Agency.
Section 136F.80 — Grants; Gifts; Bequests; Devises; Endowments.
Section 136F.81 — Transfer Of Gifts.
Section 136F.90 — Board Of Trustees Duties.
Section 136F.91 — Bonds, Investments.
Section 136F.92 — Resolution Of Board.
Section 136F.93 — Student Activities, Fees Charged.
Section 136F.94 — Special Revenue Fund.
Section 136F.95 — Allocation Of Receipts.
Section 136F.96 — Administration.
Section 136F.97 — Contracts Of Board, Performance Compelled.