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S.F. No. 3665 - Authorizing the use of General Fund Appropriations that Pay Debt Service on University of Minnesota Debt for the Biomedical Research Facilities to also be used to Pay for Debt Service on Bonds Issued for the Clinical Research Facility (1st Eng.)
 
Author: Senator Paul T. Anderson
 
Prepared By: Joan White, Senate Counsel (651/296-3814)
 
Date: May 7, 2020



 

This bill amends the University of Minnesota chapter of law, specifically the funding mechanism for a Biomedical Science Research facility which passed into law in 2008, by authorizing the U of M to refinance debt related to the Biomedical facility, and allow the university to capture savings from refinancing the debt to use for the new Clinical Research Facility.

Section 1 (137.61) authorizes funding for the design, land acquisition, site preparation, and preconstruction services for the new clinical research facility on the U of M Twin Cities campus.

Section 2 (137.62, subdivision 2) expands the definition of biomedical science research facility to include the clinical research facility.

Section 3 (137.62, subdivision 3a) defines the term “clinical research facility.”

Section 4 (137.63) states that appropriations to the Board of Regents for the clinical research facility are for 100 percent of the project costs for design, land acquisition, site preparation, and preconstruction services.

Section 5 (137.64) reduces the cap on the amount appropriated to reflect the amount the state has paid in prior years. This section also shifts the purpose of the statutory appropriations from the general fund that currently pay for the debt service on bonds issued by the university for a Biomedical facility to pay for the debt service on bonds that will be issued by the university for a new Clinical Research Facility.  The university is authorized to refinance the bonds. If the state’s appropriation is greater than needed to pay the debt service on the refunding bonds, the university is allowed to use the difference to pay debt service on new bonds issued by the U of M to fund the clinical research facility.

 
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