(a) Before the commissioner may make the first payment to the board authorized in this section, the commissioner must certify that the board has received at least $110,750,000 in pledges, gifts, sponsorships, and other nonstate general fund revenue support for the construction of the stadium. On July 1 of each year after certification by the commissioner, but no earlier than July 1, 2007, and for so long thereafter as any bonds issued by the board for the construction of the stadium are outstanding, the state must transfer to the board up to $10,250,000 to reimburse the board for its stadium costs, provided that bonds issued to pay the state's share of such costs shall not exceed $137,250,000. Up to $10,250,000 is appropriated annually from the general fund for the purpose of this section. The appropriation of up to $10,250,000 per year may be made for no more than 25 years. The board must certify to the commissioner the amount of the annual payments of principal and interest required to service each series of bonds issued by the university for the construction of the stadium, and the actual amount of the state's annual payment to the university shall equal the amount required to service the bonds representing the state's share of such costs. Except to the extent of the annual appropriation described in this section, the state is not required to pay any part of the cost of designing or constructing the stadium.
(b) The board may refund the bonds issued pursuant to paragraph (a) if refunding is determined by the board to be in the best interest of the university. Notwithstanding paragraph (a), the principal amount of bonds issued in a refunding shall not exceed the lesser of $104,385,000 or the amount necessary to defease the bonds outstanding immediately prior to refunding. The amount of the state's annual payment to the university for the refunded bonds shall be equal to the maximum annual appropriation of $10,250,000, notwithstanding the amount certified under paragraph (a).
(c) The board shall allocate sufficient funds, including any interest expense, from the savings realized through refunding of the bonds pursuant to paragraph (b), to provide $10,000,000 for predesign and design of improved health education and clinical research facilities to meet the needs of the Medical School and Academic Health Center on the Twin Cities campus. The facilities shall be designed to support education and research that promote new innovative models of care which are patient-centered and team-based, and facilitate collaboration across the health professions. The education and research facilities will be collocated and designed to maximize collaboration and high-quality delivery of health care. The board may in its discretion, after the $10,000,000 allocation required by this paragraph, allocate to other university purposes payments from the state that exceed the amount necessary to service the refunded bonds, except for savings in 2029, 2030, and 2031, which shall cancel to the general fund.
(d) The board must certify to the commissioner that the per-semester student fee contribution to the stadium will be at a fixed level coterminous with bonds issued by the board to meet the student share of the design construction of the stadium and that the student fee will not be increased to meet construction cost overruns.
(e) Before the first payment is made under paragraph (a), the board must certify to the commissioner that a provision for affordable access for university students to the university sporting events held at the football stadium has been made.
2006 c 247 s 5; 2015 c 69 art 3 s 17
Structure Minnesota Statutes
Chapters 135A - 137 — Postsecondary Education
Chapter 137 — University Of Minnesota
Section 137.02 — Powers And Duties Of Board Of Regents.
Section 137.021 — Acceptance Of Federal Money.
Section 137.022 — Permanent University Fund.
Section 137.0225 — University Promise Scholarship.
Section 137.0226 — Scholarship Funding Program.
Section 137.023 — University Student On Board Of Regents.
Section 137.024 — Congressional Districts Represented On Board Of Regents.
Section 137.0245 — Regent Candidate Advisory Council.
Section 137.0246 — Regent Nomination And Election.
Section 137.025 — Appropriations; Payment; Investment.
Section 137.0251 — Budgetary Information.
Section 137.0252 — Appropriation; Contract Buyout.
Section 137.027 — Appropriation; Fringe Benefits.
Section 137.028 — Biennial Budget Request; University Of Minnesota.
Section 137.04 — Library To Get Copies Of State Publications.
Section 137.09 — Board Of Regents Not To Exceed Appropriations; Penalty.
Section 137.10 — Refund Of Tuition To Students In Certain Cases.
Section 137.105 — Undergraduate Tuition Guarantee Plan.
Section 137.12 — Peace Officers; Appointment; Power Of Arrest.
Section 137.16 — Morris Branch.
Section 137.17 — Rochester Branch.
Section 137.22 — Higher Education Act Of 1965; Receipts.
Section 137.31 — Procurement From Small Businesses.
Section 137.32 — Minnesota Couples On The Brink Project.
Section 137.34 — Program Established.
Section 137.341 — Farm Safety Specialist Position.
Section 137.342 — Research Center For Agricultural Health And Safety.
Section 137.35 — Targeted Businesses.
Section 137.36 — Prompt Payment To Subcontractors.
Section 137.37 — Off-campus Sites And Centers.
Section 137.38 — Education And Training Of Primary Care Physicians.
Section 137.39 — Medical School Initiatives.
Section 137.40 — Residency And Other Initiatives.
Section 137.42 — Grants For Area Health Education Center Programs.
Section 137.43 — Substitute Physician Demonstration Project.
Section 137.44 — Health Professional Education Budget Plan.
Section 137.45 — Program For Students With Intellectual And Developmental Disabilities.
Section 137.47 — Fetal Tissue Research.
Section 137.51 — Land Protection And Transfer.
Section 137.52 — Contamination Remediation; Report.
Section 137.53 — Activities; Contracts.
Section 137.54 — Conditions For Payment To University.
Section 137.55 — Public Use Of Stadium.
Section 137.56 — Environmental Review.
Section 137.57 — No Full Faith And Credit.
Section 137.58 — Mitigation Fund.
Section 137.60 — Eminent Domain.
Section 137.63 — Biomedical Science Research Facilities Funding Program.
Section 137.64 — Conditions For Payments To University.
Section 137.65 — No Full Faith And Credit.
Section 137.66 — Minnesota Discovery, Research, And Innovation Economy Funding Program.
Section 137.67 — Minnesota Biomedicine And Bioethics Innovation Grants.